HAMILTON, Bermuda, Feb. 28, 2014 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. (" CME") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced today that its wholly owned subsidiary CET 21 spol. s r.o. (" CET 21") has commenced a consent solicitation for CET 21's 9.0% Senior Secured Notes due 2017 (the " Notes"). CET 21 is soliciting consents to certain proposed amendments to the indenture governing the Notes. The principal purpose of the consent solicitation is to enhance the liquidity and operating cashflow position of CME and its restricted subsidiaries, including CET 21, by, in part, substituting certain cash pay indebtedness of CME with non-cash pay indebtedness of CME and undertaking other associated transactions.
The consent solicitation is scheduled to expire at 5:00 p.m., New York City time, on March 11, 2014, unless extended by CET 21. Holders who validly deliver (and do not validly revoke) consents to the proposed amendments will receive a consent fee in the amount of €2.50 in cash per €1,000 principal amount of the Notes.
The consent solicitation is subject to the satisfaction of certain conditions, including there being validly delivered (and not validly revoked) consents from the holders of not less than a majority in aggregate principal amount of the outstanding Notes.The terms of the consent solicitation are described in CET 21's Consent Solicitation Statement, dated February 28, 2014 (the " Consent Solicitation Statement"). Copies of the Consent Solicitation Statement may be obtained from the Information Agent for the consent solicitation, Global Bondholder Services Corporation, at +1 (212) 430-3774. Citigroup Global Markets Inc. is the Solicitation Agent for the consent solicitation. Questions regarding the consent solicitation may be directed to Citigroup Global Markets Inc., in New York at +1 (212) 723-6106 or London at +44 (0) 20 7986 8969. This release does not constitute an offer to purchase, a solicitation of an offer to sell or a solicitation of consent with respect to any securities. The consent solicitation is being made solely by the Consent Solicitation Statement.