Virgin Media's Lenders Agree to Repayments Delay

05 November 2008

NEW YORK: Virgin Media Inc, the heavily indebted US cable services company that operates solely in the UK, has been let off the hook by its lenders after warning in regulatory filings that the firm has insufficient funds to meet its original repayment schedule. 

Around £1.66 billion ($2.63bn; €2.07bn) was due to be repaid in 2010 and 2011 but – under the terms of the new agreement – full settlement will be delayed until 2012.

Britain's favorite tycoon, Sir Richard Branson, is the company's largest shareholder with a stake of 10.4%, acquired when in February 2007 the US company (then known as NTL) bought Branson's mobile telephony business.

Data sourced from Wall Street Journal Online; additional content by WARC staff