Key Developments For Image Entertainment Inc
Image Entertainment Inc (DISK.O) (Consolidated Issue listed on NASDAQ Global Market)
Image Entertainment, Inc. Amends Convertible Note
Image Entertainment, Inc. announced that it has entered into a Second Amendment Agreement with the holder of its 8.875% senior convertible note due August 30, 2011 in the principal amount of $15,700,792.60 (Note). On November 12, 2009, the Holder provided notice of its election to require the Company to make an installment payment of principal and accrued interest under the Note on November 15, 2009 in the amount of $4,043,767. The Second Amendment Agreement amends the Note to further change the dates on which the Holder may request the next installment payment under the Note. Upon delivery of appropriate notice, the Holder may now require a $4 million principal payment (plus accrued interest) on December 11, 2009 rather than November 15, 2009. The $4 million principal payment may be further deferred until January 30, 2010 if the Company enters into a written agreement for the sale of all or substantially all of its assets on or prior to December 11, 2009, that, upon consummation of the transaction contemplated by the agreement, would result in a change of control of the Company. The January 30, 2010 installment payment date noted in the prior sentence may be accelerated to any date after December 11, 2009, but before January 30, 2010, if the written agreement has been terminated or otherwise ceases to be in full force and effect. The Second Amendment Agreement rescinded the November 12, 2009 payment notice provided by the Holder thereby avoiding a default under the Note.
Image Entertainment, Inc. Amends Convertible Note
Image Entertainment, Inc. announced that it has entered into an Amendment Agreement (the Amendment Agreement) with the holder (the Holder) of its 8.875% senior convertible note due August 30, 2011 in the principal amount of $15,700,792.60 (the Note). The Amendment Agreement amends the Note to change the dates on which the Holder may request the next installment payment under the Note. Upon delivery of appropriate notice, the Holder may now require a $4 million principal payment (plus accrued interest) on November 15, 2009 rather than October 30, 2009. The $4 million principal payment may be further deferred until November 30, 2009 if the Company enters into a written agreement with a bona fide purchaser prior to November 15, 2009, that would result in a change of control of the Company. The November 30, 2009 installment payment date may be accelerated to any date after November 15, 2009, but before November 30, 2009, if the written agreement with the bona fide purchaser has been terminated or otherwise ceases to be in full force and effect. The Amendment Agreement also amended the time period by which the Holder must provide notice to the Company of its determination to request an installment payment from five trading days prior to the installment payment date to two trading days.
Image Entertainment, Inc. Acquires 44 Inch Chest
Image Entertainment, Inc. announced that it has acquired all U.S. rights to the film 44 Inch Chest and will be releasing the film theatrically at the beginning of 2010. Terms of the deal were not disclosed.
Image Entertainment, Inc. Signs Agreement With Avail-TVN For Distribution Of Programming To Video-On-Demand Providers Across North America
Image Entertainment, Inc. announced it has signed an agreement with Avail-TVN to provide video-on-demand entertainment programming to cable, satellite and telecommunications companies across the United States and into hotels across Canada. As part of the agreement, Avail-TVN can select Image titles for distribution as video-on-demand programming to video content providers across North America.
Image Entertainment, Inc. Signs Agreement With DISH Network To Provide Pay-Per-View/Video-On-Demand Content
Image Entertainment, Inc. announced that it has signed an agreement with DISH Network, L.L.C., a subsidiary of DISH Network Corporation to provide Pay-Per-View (PPV) and Video-On-Demand (VOD) entertainment programming to the more than 13.584 million DISH Network subscribers. The agreement gives DISH Network the ability to offer subscribers select titles from Image Entertainment via its PPV and VOD platforms.
