March 26, 2010 (FinancialWire) — China Cablecom Holdings, Ltd. (NASDAQ: CABL) (NASDAQ: CABLW) (NASDAQ: CABLU), a joint-venture provider of cable television services in the People's Republic of China, is reporting a third series of reductions of around $422,000 in its outstanding debt, resulting from the conversion of around 1.2 million of the company's series A Preferred Shares into ordinary shares.

China Cablecom said it expects to continually announce updates on its Preferred Shares conversions of its debt holders as a result of provisions from the closing of the restructuring in October 2009.

The terms of the Junior Secured notes provide that during the 14 months following the closing of the restructuring, conversions of any series A Preferred Shares issued to that noteholder will result in an automatic cancellation of principal debt.

China Cablecom’s outstanding debt from the secured and unsecured promissory notes is around $21.8 million.

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