Cable CPE Repair Firm Reorgs

Contec announces consensual agreement to significantly reduce long-term debt

August 31, 2012

1 Min Read

SCHENECTADY, N.Y. -- Contec Holdings, LTD, ("Contec" or the "Company") the market leader in repair and refurbishment of customer premise equipment for the cable industry, today announced that it has reached an agreement with the majority of its senior lender group to strengthen its financial position and significantly reduce its long term debt. The reorganization process will position Contec more competitively in the marketplace and ensure that it can continue to provide outstanding service to its customers. During the reorganization, the Company will continue to operate in the normal course of business, without interruption.

"This reorganization process will allow Contec to invest in and enhance our capabilities to serve our cable industry customers. We fully expect to build out additional repair and supply chain services to meet current customer demand and to pursue new business opportunities beyond the cable market," said Wes Hoffman, Chief Operating Officer of Contec. "No jobs are expected to be impacted by this reorganization process, and we believe Contec will emerge from this process in an even stronger position to grow our business."

Contec Holdings Ltd.

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