Telewest Shareholders To Suffer
Posted: 28th Jul, 2003 By: MarkJ
The UKs second largest cable TV, phone and Internet access operator, Telewest, has today confirmed that its debt-for-equity restructuring will results in shareholders owning a stake of just 1.5%:
Telewest expects to swap about two-thirds of its £5.2bn debt for shares, which would leave existing shareholders with a combined stake of just 1.5% in the company, according to a statement released this morning.
Under terms proposed last year, retail shareholders would have held on to about 3% of the company's equity - a deal recently rejected by US bondholders.
There was a similar outcome following NTLs restructuring. More @ netimperative.com .
Telewest expects to swap about two-thirds of its £5.2bn debt for shares, which would leave existing shareholders with a combined stake of just 1.5% in the company, according to a statement released this morning.
Under terms proposed last year, retail shareholders would have held on to about 3% of the company's equity - a deal recently rejected by US bondholders.
There was a similar outcome following NTLs restructuring. More @ netimperative.com .
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