Câble Satisfaction International Inc.

Câble Satisfaction International Inc.

June 14, 2005 20:03 ET

CSII Update

MONTREAL, QUEBEC--(CCNMatthews - June 14, 2005) - RSM Richer Inc. (formerly known as Richter & Associes Inc.), in its capacity as Monitor and Interim Receiver of Cable Satisfaction International Inc. ("CSII") (TSX:CSQ.A), announced today that on Tuesday, June 14, 2005, the Quebec Superior Court rendered an Order extending the Stay Termination Date (as defined in Paragraph 22 of the Initial Order rendered by Fraiberg J. on June 27, 2003) from June 20, 2005 to December 20, 2005.

This extension of the Stay Termination Date was necessary due to further delays in the implementation of CSII's Amended Plan. The delays are principally the result of the difficulties encountered in connection with the refinancing of the existing credit facilities of CSII's subsidiary Cabovisao-Televisao por Cabo, S.A ("Cabovisao"), which refinancing is a condition precedent to the implementation of the Amended Plan.

The Monitor and the Amended Plan Sponsor, Catalyst Fund Limited Partnership I ("Catalyst") are continuing their efforts to complete the refinancing in order to allow for the timely implementation of the Amended Plan.

However, there can be no assurance that this condition precedent will be satisfied and, accordingly, no assurance can be given that the Amended Plan will be successfully implemented or implemented on the terms and conditions of the Amended Plan.

As previously announced, the Amended Plan provides, among other things, for no distribution to be made to the existing shareholders. As a result, the currently outstanding shares of CSII have no value under the Amended Plan.

The orders rendered under the CCAA in respect of CSII, the Monitor's reports and related materials can be obtained by requesting a copy from the Monitor by writing or calling the Monitor at the address and telephone number set out below or on the Monitor's website at www.rsmrichter.com and entering "Current insolvency files".

CSII, through its subsidiary Cabovisao, provides cable television services, high-speed Internet access, telephony and high-speed data transmission services to homes and businesses in Portugal through a single network connection.

Contact Information

  • RSM Richter Inc. (formerly know as Richter & Associes Inc.),
    as Monitor and Interim Receiver
    Philip Manel
    (514) 934-3451
    (514) 934-3504 (FAX)