Cable Satisfaction bankers exercise rights to vote in subsidiary's shareholder meetings

By Carlise Newman

Chicago, Oct. 22 - Cable Satisfaction International Inc. said the bankers of its Cabovisao - Televisao por Cabo SA subsidiary have decided to exercise their rights relating to the shares of Cabovisao including the right to call, attend and vote in general meetings of shareholders.

The rights will be exercised through the banks' security agent.

As a result, Cable Satisfaction said its ability as an indirect shareholder to exercise control over Cabovisao's affairs is likely to have been significantly reduced.

The company previously announced that its bankers had declined to extend the waivers pertaining to the maturity date of Cabovisao's credit facility.

The action does not constitute a notice of acceleration but Cabovisao's bankers have expressly reserved their rights to accelerate.

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