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Creditors take control of Telewest

# 2 June 2004, 14:23 by Nemesis

Telewest is a step closer to re-listing in the United States after its creditors approved a restructuring plan which hands them control of the company in exchange for cancelling debt.

Yesterday, creditors agreed to the transfer of most of Telewest’s assets to an incorporated subsidiary, in advance of a listing on the US Nasdaq market. The firm was previously listed on the London Stock Exchange.

Creditors will take 98.5 per cent of the equity of the new company in a plan which will reduce debts by £3.8 billion to £2bn.

In a statement to the stock exchange, the group said: “The approval of the schemes by Telewest’s and Telewest Jersey’s creditors is one of the key steps being taken to implement Telewest’s financial restructuring.”

Shareholders approved a similar resolution on May 21. The company’s SEC filing said it expected the restructuring to be complete by July 19.

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