Following the posting earlier this week of robust second quarter results [WAMN: 14-Aug-02], US-controlled cable group United Pan-European Communications plans to apply in September for court protection from its creditors.
The move is intended to gain respite while undergoing a critical balance sheet restructuring, explained an insider. A Chapter 11 application will be filed in the US concomitant with a like filing to a Netherlands court – “as a means of squeezing out any dissenting bondholders”.
Elucidated the informant: “Given the timing and assuming UPC files in mid-to-late September it should be out of the courts by the end of the year.”
Data sourced from: Financial Times; additional content by WARC staff