Telewests Restructuring Held Up
Posted: 10th Jun, 2003 By: MarkJ
Bondholders have held up Telewests restructuring plans by requesting a change in the financial details:
The company, which said it was "disappointed" with the development, is expected to swap the majority of its debt for equity, thus handing over control to current creditors, which by and large are those companies that own Telewest's bonds.
The preliminary agreement was agreed at the end of September 2002 after months of negotiations with bondholders, and Telewest said it has made "significant progress towards implementing the agreement".
It added that it is close to publicly filing the documentation that will bring about the restructuring, but it cannot implement the final agreement without the support of the bondholders. A number of bondholders now want to change things, and any amendments are unlikely to be in Telewest's favour.
More @ netimperative.info .
The company, which said it was "disappointed" with the development, is expected to swap the majority of its debt for equity, thus handing over control to current creditors, which by and large are those companies that own Telewest's bonds.
The preliminary agreement was agreed at the end of September 2002 after months of negotiations with bondholders, and Telewest said it has made "significant progress towards implementing the agreement".
It added that it is close to publicly filing the documentation that will bring about the restructuring, but it cannot implement the final agreement without the support of the bondholders. A number of bondholders now want to change things, and any amendments are unlikely to be in Telewest's favour.
More @ netimperative.info .
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