July 15, 2010 (FinancialWire) — Xinhua Sports & Entertainment, Ltd. (NASDAQ: XSEL) said that it has entered into an agreement to restructure the terms of its secured convertible loan facility with affiliates of Patriarch Partners LLC, a global investment firm based in New York. Under the terms of the amendment, the company repaid $16,343,960 and Patriarch agreed to lend the company an additional $7.6 million non-convertible term loan.

All totaled the aggregate amount outstanding under the Patriarch facility now stands at $49,056,040. Additionally, Patriarch agreed to waive all existing defaults and revise the terms of the financial covenants.

As a part of the transaction, in consideration for the waiver and extension of additional loans in the amendment, Patriarch has been granted additional security in Xinhua Sports’ assets as collateral for the loans and the company issued to affiliates of Patriarch Series C Preferred Shares convertible into 25% of the fully diluted common equity of the company and paid certain fees and expenses.

China-based Xinhua Sports & Entertainment is a sports and entertainment media company. Through its international partnerships, XSEL is able to offer its target audience premium sports and entertainment.

Through its Chinese partnerships, XSEL is able to offer this content across a range of platforms, including television, the Internet, mobile phones, cinema, university campuses and other multimedia assets in China.

The company has offices and affiliates in major cities throughout China, including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong.

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