China Cablecom Holdings, Ltd. (“China Cablecom” or the “Company”) (Nasdaq: CABL) (Nasdaq: CABLW) (Nasdaq: CABLU), a joint-venture provider of cable television services in the People’s Republic of China (“PRC”), has announced that it has further extended its payment deadline to Binzhou Broadcasting until December 31, 2009.
“With the support of the Binzhou SOE and local municipal branches of SARFT, we are delighted to announce this amended agreement,” says Founder & Executive Chairman, Clive Ng. “This extension will provide the Company more flexibility as we continue working with strategic advisors to secure ongoing funding arrangements.”
In December 2008, China Cablecom reported a payment extension to Binzhou Broadcasting for January 31, 2009. The original joint venture agreement, which was established on September 2007, pertained to a purchase of assets and service agreements covering cable networks in Shandong Province for an initial duration term of 20 years. Paying subscribers for Binzhou Broadcasting was 470,111 as of the third quarter 2008.