Telewest Wins Lenders' Support for Restructuring

13 October 2003

Cable company Telewest has won the support of several banks for its complex restructuring scheme.

The group – US-owned but with most of its operations in the UK – last month reached agreement with its bondholders over a deal to swap £3.5 billion ($5.8bn; €4.9bn) of debt for a 98.5% stake in the company [WAMN: 17-Sep-03].

But for the restructuring to go ahead, Telewest still needs a green light from its banks, some of which were said to be unhappy with plans to move the company's chief stock market listing from London to New York.

Despite these misgivings, the Royal Bank of Scotland, Bank of New York, Deutsche Bank and Bank of America have reportedly given their assent to the deal.

However, convincing the rest of Telewest's lenders could still take months.

Data sourced from: Financial Times; additional content by WARC staff