Telewest debt deal put to the vote
 

Telewest debt deal put to the vote
Nick Goodway, Evening Standard
21 May 2004

SHAREHOLDERS in Telewest, Britain's second-largest cable operator, were expected to approve a massive debt-for-equity swap at a meeting in London today.

The move would leave them with just 1.5% of the company, which has been carrying out a £3.5bn financial reconstruction.

Assuming that the required 75% vote goes through (and 50% of it is already guaranteed by major blocks of shareholders) and that bondholders similarly agree next month, the company will be renamed Telewest Global and its listing will be moved to New York's Nasdaq market.

Dealings in the new shares are expected to start in mid-July.

Previous attempts to close the deal have been blocked by bondholders led by American hedge fund manager Bill Huff, who stands to become the largest shareholder with 18.4% of the new company.

Other major holders will be Fidelity with 13.3%, Franklin (8.1%), Liberty Media (7.9%) and Angelo Gordon (7.2%).

Fidelity also holds 15% of NTL, Britain's largest cable company, while Huff has 12.9% and Franklin 8.3%.

That has revived talk of a merger between NTL and Telewest although even together they would still be considerably smaller than the competition, in the shape of BT Group and BSkyB.
http://www.thisislondon.co.uk/news/b...d78535?source=

Re: Telewest debt deal put to the vote
 

Which is also where NTL's shares are.

So, some of the biggest shareholders in NTL are also shareholders in Telewest, and all the shares will be on the same exchange in New York. Anyone still doubt that a merger is imminent?

Re: Telewest debt deal put to the vote
 

No - I was going to go back and edit my post to say that this is really the first step in the merger of the two companies, got distracted though.

Re: Telewest debt deal put to the vote
 

High Court sanctions Telewest restructuring.

http://www.cableforum.co.uk/article/64/

Subject to conditions, Telewest expects its financial restructuring to be completed on 19th July 2004 and when shares in Telewest Global are expected to commence trading on the Nasdaq National Market.

Re: Telewest debt deal put to the vote
 

mm, wonder who's going to start buying them up...