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Telewest not out of the woods

# 4 June 2004, 10:47 by Nemesis

Telewest have been forced to delay their refinancing, after the banks have refused to back the deal according to the Financial Times.

Telewest, fresh from it’s debt-for-equity swap with it’s shareholders, now face another problem. It’s being forced to delay the 1.8 billion-pound ($3.3 billion) refinancing it had planned because it didn’t win enough bank support, according to the FT.

The company asked six banks to underwrite a refinancing, to replace another bank loan agreed in negotiations to complete Telewest’s 3.8 billion-pound restructuring, the FT said.

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