BUENOS AIRES — A judge has ordered Cablevision, Argentina’s biggest cabler, to reconvene creditors to vote on its offer to restructure $797 million in debt after a counting error discredited the first attempt in March.
Vote date will be announced soon.
The cabler is seeking two-thirds approval for its offer to swap outstanding debt for cash, equity and lower interest bonds. Creditors could gain 20% of the company; control would remain with Liberty Media and Hicks, Muse, Tate & Furst.
Cablevision defaulted on the debt — amassed in the 1990s to build Argentina’s largest cable network — after a 2001 economic collapse cut revenue and tightened access to credit.
The restructure is key to the company’s efforts to regain the 18% of its subscribers that abandoned the service between 2001 and 2003.