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The Company believes by making this exchange offer at a price below the current conversion price, it may be able to eliminate long-term debt and interest payments and strengthen its balance sheet while providing noteholders with the opportunity to receive an equity interest in the Company, subject to the "Risk Factors" and other information set forth in the Offering Circular and other information filed with the Securities and Exchange Commission today. The offer is made only by means of the Bank's Offering Circular dated September 18, 2006, in such jurisdictions where it is lawful to do so. BlueMountain Capital Management has proposed to the underwriters of the Cablecom Luxembourg SCA ("Cablecom") bonds described in the draft dated 24 October 2006 of the Preliminary Offering Circular for the bonds (the "Preliminary Offering Circular") that the structure of the transactions described in the Preliminary Offering Circular should be changed. |
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