Telewest Agrees New £2.2bn Bank Lending Terms
Indebted UK cable company, Telewest Communications, this morning said that it has reached a non-binding agreement with its senior lenders and bondholders over the terms of its new bank lending facilities (see Telewest Positive On Restructuring Plan).
The new bank lending facilities are yet to be approved by Telewest’s foreign exchange creditors, although they have received credit committee approval; they are also contigent on the success of the balance sheet restructuring.
Managing director, Charles Burdick, said: “This agreement with our banks is another important step forward in Telewest’s balance sheet restructuring process. Restructuring discussions continue and I will update all stakeholders when we have further progress to report”.
Rival group NTL this week announced that it has finally emerged from its Chapter 11 bankruptcy procedure with a restructured balance sheet (see NTL Emerges From Bankruptcy).
Shares in Telewest were up 0.4p at 2.6p by 11:00am today, following the announcement.
