In May 2008, China Cablecom issued convertible notes with a principal value of $43,175,000 along with 1,524,994 shares of ordinary shares to a number of investors. China Cablecom also announced its achievement of "Foreign Private Issuer" status, for purposes of the rules and regulations of the US Securities and Exchange Commission. In addition, the company declared its entrance into a framework agreement with Hubei Chutian Broadcasting and Television Networks Co., Ltd., a local state-owned enterprise owned by the Hubei branches of SARFT. This act established a cable TV operation joint venture. On 18 June 2008, China Cablecom announced the completion of the first phase, of its framework agreement with Hubei Chutian Broadcasting and Television Networks Co., Ltd., to acquire a 60 percent economic interest in Hubei Chutian Video & Information Network. This consummation secured over 800,000 additional paying subscribers for China Cablecom. Phase two would represent an additional 800,000 paying subscribers and is pending further due diligence and execution of definitive agreements. On 9 October 2009, the Company underwent comprehensive restructuring of its outstanding debt obligations with holders of its Hubei assets and of its debt securities and majority holders of its ordinary shares. The restructuring strengthened the Company's balance sheet by reducing the overall principal amount of its long-term debt obligations and eliminated cash interest obligations on the new debt securities issued in exchange for its outstanding notes. Simultaneous to the restructuring, China Cablecom announced placement of $33 million in senior secured notes used to satisfy the Company's remaining obligations to the Hubei SOE under its amended framework agreement. On 3 April 2012, the Company reported that, as per its previous announcement, the Company's joint venture partner Hubei Chutian Radio & Television Information Network Company Limited ("Hubei SOE") has agreed to purchase its Hubei assets for a total of RMB 374 million. The Company is pleased to announce today that it has received the first payment of RMB 50 million. In accordance to the terms of the agreement, the Company has signed a JV Termination agreement with Hubei Chutian Shi Xun Network Company Limited ("Hubei JV"). The company has announced that it will use proceeds of the sale to reduce the Company's outstanding debt and any excess proceeds will be used to increase shareholder value going forward. On 20 October 2011, the Company announced that it had received an offer from its joint venture partners to purchase its assets in Hubei.