NEW YORK–(BUSINESS WIRE)–Dec. 15, 2003–James Cable, LLC announced today the completion of its reorganization plan under which GoldenTree Asset Management has become the Company’s largest equityholder, holding approximately 72% of the outstanding equity.
James Cable Partners, L.P. and its wholly owned subsidiary, James Cable Finance Corp., filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on June 26, 2003. The pre-negotiated plan of reorganization was confirmed by Judge Robert Hershner, Jr. of the U.S. Bankruptcy Court for the Middle District of Georgia, Macon Division, on November 25, 2003.
Under the plan, James Cable Partners, L.P. was reorganized as a Delaware limited liability company, James Cable, LLC, and converted $88 million of its 10 3/4 % Senior Notes due August 15, 2004 into 93% of the equity of James Cable, LLC. The remaining 7% is held by the previous equity holders of James Cable. James Cable also refinanced GoldenTree’s $30 million prepetition senior secured loan facility with a $30 million term loan and a $4 million revolving credit facility provided by a bank syndicate led by Merrill Lynch Capital.
“We believe that James Cable now has an appropriate capital structure with which it can grow its business. We look forward to working with Bill James and his team as they implement their upgrade program for the balance of the subscriber base and position the company for future growth,” said Steven Shapiro, a partner at GoldenTree.
James Cable owns, operates and develops cable television systems serving rural communities in Oklahoma, Texas, Georgia, Louisiana, Colorado, Wyoming, Tennessee, Alabama and Florida.
Founded in March of 2000, GoldenTree Asset Management specializes in debt opportunity investing across various parts of capital structures. GoldenTree currently has approximately $5.7 billion under management, distributed between hedge funds, structured products, and long-only funds.
