Telewest's debt-for-equity swap has metamorphosed into Britain's most expensive restructure -- ever!
The cable firm (listed in the US but operating mainly in the UK) plans to replace around £3.5 billion ($6.5bn; €5.3bn) of bonds with new shares. According to a stateside regulatory filing this week, the lengthy restructuring process has generated advisors' fees of around £110 million.
The biggest chunk of these charges will go to Telewest's banks, with Canada's CIBC taking £40m alone. Other recipients include bondholders, executive search firms and a printing company.
Data sourced from: Times Online (UK); additional content by WARC staff