Telewest Finalise Debt-For-Equity Swap
Posted: 15th Sep, 2003 By: MarkJ
The UKs second largest cable operator after NTL, Telewest, has today moved forward with its financial restructuring by agreeing the terms for its debt-for-equity swap:
Bondholders including Liberty Media, W.R. Huff Asset Management and IDT Corporation, will strike off about £3.5bn of Telewest's debt in return for shares. By the time the restructuring is complete, lenders will own 98.5% of Telewest's equity.
The deal mirrors a similar one completed by NTL at the start of the year, when it emerged from Chapter 11 bankruptcy having swapped £7.5bn of its debt for new equity, issued to bondholders.
This once again brings closer the prospect of NTL and Telewest merging to create a combined media giant capable of taking on the likes of BT and Sky. More @ netimperative.com .
Bondholders including Liberty Media, W.R. Huff Asset Management and IDT Corporation, will strike off about £3.5bn of Telewest's debt in return for shares. By the time the restructuring is complete, lenders will own 98.5% of Telewest's equity.
The deal mirrors a similar one completed by NTL at the start of the year, when it emerged from Chapter 11 bankruptcy having swapped £7.5bn of its debt for new equity, issued to bondholders.
This once again brings closer the prospect of NTL and Telewest merging to create a combined media giant capable of taking on the likes of BT and Sky. More @ netimperative.com .
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