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 .
Latest UK ISP News
Cheap BIG ISPs for 100Mbps+
150,000+ Customers | View More ISPs
Cheapest ISPs for 100Mbps+
Modest Availability | View More ISPs
Latest UK ISP News
Cheap BIG ISPs for 100Mbps+
Large Availability | View All
Cheapest ISPs for 100Mbps+
Large Availability | View All
Helpful ISP Guides and Tips
Sponsored Links
The Top 15 Category Tags
- FTTP (6721)
- BT (3862)
- Politics (3035)
- Business (2736)
- Openreach (2628)
- Building Digital UK (2487)
- Mobile Broadband (2434)
- FTTC (2132)
- Statistics (2102)
- 4G (2062)
- Virgin Media (1997)
- Ofcom Regulation (1761)
- 5G (1692)
- Fibre Optic (1587)
- Wireless Internet (1581)
Sponsored
Copyright © 1999 to Present - ISPreview.co.uk - All Rights Reserved - Terms , Privacy and Cookie Policy , Links , Website Rules