GALAXY CABLEVISION RETAINS INVESTMENT BANKING FIRM
GALAXY CABLEVISION RETAINS INVESTMENT BANKING FIRM SIKESTON, Mo., June 4 /PRNewswire/ -- Galaxy Cablevision, L.P.
(AMEX: GTV) announced today that it has retained a national investment banking firm to advise it with respect to alternatives to purchasing certain wireless cable television assets from Supreme Cable Co., Inc., certain affiliates of Supreme, and Cablemaxx, Inc.
As indicated in a prior filing, Galaxy is no longer pursuing the direct purchase of such assets. Galaxy's alternatives include selling or assigning its rights and obligations under the acquisition agreement to another entity, which may be affiliated with Galaxy, in exchange for a minority equity interest in such other entity or for other consideration; exercising its option under the acquisition agreement to purchase a portion of the assets which serve the San Antonio, Texas, market; or terminating the acquisition agreement which, depending upon the circumstances, may result in the forfeiture of Galaxy's $2 million escrow deposit. Galaxy does not anticipate that any such alternative will require the incurrence of significant additional debt by Galaxy Cablevision, L.P. Galaxy Cablevision, L.P. engages in the business of acquiring, owning and operating cable television systems and currently serves approximately 53,000 basic subscribers in six states. -0- 6/4/92 /CONTACT: Tommy L. Gleason Jr. of Galaxy Cablevision, 314-471-5022/ (GTV) CO: Galaxy Cablevision L.P. ST: Missouri IN: ENT SU:
SH-CK -- NY041 -- 7003 06/04/92 11:26 EDT
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|Date:||Jun 4, 1992|
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