Telewest shareholders gave the go ahead to one of the company’s many financial restructuring steps, at the Extraordinary General Meeting held on Friday 21 May.
The groups shareholders passed a resolution to transfer most of the company assets in to Delaware, a subsidiary of Telewest Global.
Telewest chairman, Cob Stenham said: “We thank our shareholders for today’s vote. It is a key step toward the completion of Telewest’s financial restructuring.”
After reaching debts of £5.3 billion, the group took steps to restructure its finance by borrowing £2 billion. It has since converted £3.5 billion of its debt in to shares/bonds and holders of these now have a 97% stake in the group (see Telewest Positive On Restructuring Plan).
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