Telewest In Final Phase Of Restructuring
The cable group Telewest said today that it was entering the last stages of restructuring and will be establishing a new holding company in the US.
Under the terms of a £3.5 billion debt-for-equity swap, bondholders will receive 98.5% of the issued share capital with existing shareholders settling for 1.5% of the equity (see Telewest Agrees Restructuring Deal).
“With the filing of the SEC registration statement, we are all pleased to be entering the last stages of the restructuring, which we now anticipate will be completed during the new year,” said Telewest chairman, Cob Stenham.
The company recently reported reduced net losses of £119 million for the third quarter of 2003 (see Telewest Losses Narrow In Third Quarter).
Shares in Telewest were unchanged at 2p at the close of trading today.
