UPC has had its recapitalisation proposals approved by a Dutch court, a major step in the company’s efforts to recover from bankruptcy.
The pan-European cable group was seeking authorisation to restructure debts of around €10 billion, the legacy of an ambitious acquisitions policy that took it to the brink of collapse (see
UPC Files For Bankruptcy).
Last month, UPC shareholders approved a debt-for-equity swap (see UPC On The Road To Recovery) that will see John Malone’s Liberty Media increase its share of the company to 65.5%.
Malone is now expected to turn his attentions to the UK cable market where rumours of a merger between Telewest Communications and NTL are well advanced (see UK Cable Operators Could Merge Next Year). The US media magnate has a 25% stake in Telewest and was intrinsically involved in the company’s refinancing operation (see Telewest Agrees £3.5 Billion Debt Deal).
