Shareholders at UPC, Europe’s largest cable operator, have approved plans to press ahead with a restructuring programme that will enable the group to emerge from bankruptcy protection.
At a meeting in Amsterdam, an overwhelming majority of shareholders were in favour of a debt-for-equity swap that should secure the future of the network. UPC wants to transfer its assets and management to a new company and reduce its €10.4 billion debt mountain by two-thirds.
UPC, which has more than 7 million subscribers across the continent, ran into trouble after acquisitions and network upgrades failed to achieve the desired return (see UPC Files For Bankruptcy). Nonetheless, it remains one of the prized assets of the Liberty Media Group and aims to complete recapitalisation by the end of March.
