Despite weekend speculation regarding a dispute with a prominent creditor, Telewest is confident that it will complete its financial restructuring early in 2003.
The indebted cable firm is currently negotiating a new £2 billion loan that will enable refinancing to take place. Telewest is planning to convert £3.5 million of its £5.3 billion debt to shares and bondholders will subsequently take a 97% stake in the company.
According to undisclosed sources, the deal should be concluded in the first quarter of 2003. This goes contrary to reports which suggest that the Royal Bank of Scotland was set to delay the process by demanding repayment of £12 billion related to foreign exchange dealings. Telewest has not yet commented on the reports.
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