Cable Satisfaction monitor requests court approval of €464.9 million Cabovisao sale agreement

By Caroline Salls

Pittsburgh, June 9 - Cable Satisfaction International Inc.'s monitor and interim receiver RSM Richter Inc. requested bankruptcy court approval of its proposed €464.9 million sale of its Cabovisao wholly owned indirect subsidiary in connection with the implementation of the company's reorganization plan, according to a Friday news release.

Specifically, RSM Richter asked the court to approve Cable Satisfaction's sale of its wholly owned indirect subsidiary Cabovisao - Televisao por Cabo SA to Cogeco Cable Inc. and to schedule a shareholders meeting following the implementation of the plan to approve the sale and the distribution of the net proceeds to the affected creditors under the plan.

A hearing on approval of the plan is scheduled for June 15.

Cable Satisfaction is a Montreal-based provider of broadband services.

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