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China Digital TV Announnces Tongda Ventures Terminated Restructuring Offer

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China Digital TV Holding Co., Ltd. (NYSE: STV) today provided a further update on its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd ("Tongda Venture").

On November 30, 2015, Tongda Venture announced in a press release titled "Tongda Venture Terminates Non-public Offering" that it did not obtain the approval of the China Securities Regulatory Commission ("CSRC") for the Non-public Offering within the validity period of its shareholders' approval. Tongda Venture decided to terminate its non-public offering related to the Restructuring and applied to withdraw its submitted materials from the CSRC.

As provided for in the transaction agreements pertaining to the Restructuring, one of the conditions for the completion of the Restructuring is the CSRC's approval of Tongda Venture's non-public offering. Unless the parties mutually agree to an extension, the Restructuring will automatically terminate if it has not been completed by December 31, 2015.

About China Digital TV

Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content

See full press release

Posted-In: News Press Releases

 

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