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Telewest shareholders to approve companies financial restructure
# 21 May 2004, 16:58 by Cable Forum
Shareholders have approved plans for a debt-for-equity swap, which will leave shareholders with just 1.5% of the company which recently installed its 500,000th Broadband customer.
Telewest still needs to secure final approvement from bondholders and the courts before a new company can be created under the move called ‘Telewest Global’.
New share dealings for the new formed company are expected to commence around mid-July.