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-   Virgin Media News Discussion (https://www.cableforum.uk/board/forumdisplay.php?f=10)
-   -   Telewest going into liquidation? (https://www.cableforum.uk/board/showthread.php?t=27798)

rupert 26-04-2005 18:50
Telewest going into liquidation?
 
I have been informed by TW shareholder that the company is going into voluntary liquidation & changing it name to TITAN CABLE ...is this trues & what are the implications for TW customers?

MalcUK2005 26-04-2005 18:59
Re: telewest going into liquidation?
 
If a anouncement had been made to share holders wouldn't it be all over the media?

rupert 26-04-2005 19:07
Re: telewest going into liquidation?
 
Well, as I understand it, currently all shareholders have been asked to vote & the directors have recommended this motion - Voting will take place 20 May 05 and it seems that the shareholders have little choice but to vote for the company to be declared insolvent & call in the liquidators (who have already been selected)

scrotnig 26-04-2005 19:31
Re: telewest going into liquidation?
 
I won't believe this unless I see it confirmed somewhere.

Millay 26-04-2005 19:33
Re: telewest going into liquidation?
 
I thought telewest looked pretty good financially, and I find it impossible to beleive they have got this far down the line and this is the first we have heard about these rumors..

paulyoung666 26-04-2005 19:35
Re: telewest going into liquidation?
 
Quote:
Originally Posted by rupert
I have been informed by TW shareholder that the company is going into voluntary liquidation & changing it name to TITAN CABLE ...is this trues & what are the implications for TW customers?


hi and :welcome: to the site , something like this would be all over the media as stated previosly :)

Paul 26-04-2005 19:38
Re: telewest going into liquidation?
 
Quote:
Originally Posted by rupert
Well, as I understand it, currently all shareholders have been asked to vote & the directors have recommended this motion - Voting will take place 20 May 05 and it seems that the shareholders have little choice but to vote for the company to be declared insolvent & call in the liquidators (who have already been selected)
News to me, and I'm a shareholder ;)

gary_580 26-04-2005 21:16
Re: telewest going into liquidation?
 
there would be news on here if it were true

http://www.londonstockexchange.co.uk...IRSQB01VP28TGL

rupert 26-04-2005 23:14
Re: telewest going into liquidation?
 
Believe me its true - I have SEEN the Extraordinary General Meeting Notice - The shareholders are requested to vote in favour of winding down Telewest & renaming it TITAN CABLE - Meeting will take place 10:00 20 May 2005The title of the document sent to shareholders is "TELEWEST COMMUNICATIONS PLC Proposed solvent members' voluntary liquidation"

SMHarman 26-04-2005 23:30
Re: telewest going into liquidation?
 
Here is the article

http://66.102.9.104/search?q=cache:M...uidation&hl=en

http://www.telewest.co.uk/ourcompany/pdf/74027Oktp.pdf

Quote:
Originally Posted by 2. Reasons for the Financial Restructuring
In common with other cable, telecom and media companies, Telewest has borrowed large amounts of
money to finance the growth of its business. This money was used principally to finance the construction of its
national network and in the acquisition of smaller cable companies during a period of consolidation in the UK
cable industry. Despite the growth of Telewestââ‚à ƒâ€šÃ‚¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚¢s business, it is the clear view of your board and its advisers that
Telewestââ‚à ƒâ€šÃ‚¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚¢s current level of debt is not now sustainable. A significant factor in this view has been the very marked
change in stock market valuations of telecom and media companies in general, and Telewest in particular, and
Telewestââ‚à ƒâ€šÃ‚¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚¢s resulting inability to access capital markets in order to refinance its existing debt as it falls due. As a
result, it is now necessary for Telewest to undertake the Financial Restructuring on the terms described in this
shareholdersâââ€à …¡Ã‚¬Ã¢â€žÂ¢ circular and prospectus.
It is now evident to your board of directors and its advisers that, if a financial restructuring is not completed,
Telewest is likely to need to petition for some sort of insolvency procedure. If Telewest enters into administration
or any other insolvency procedure, given its financial position and the fact that the groupââ‚ƚ¬Ã¢â€žÂ¢s banking syndicate
would have first claim on substantially all of Telewestââ‚à ƒâ€šÃ‚¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚¢s assets, existing shareholders could not expect to receive
any return.

Chris W 26-04-2005 23:40
Re: telewest going into liquidation?
 
interesting information... but dated 28th April 2004

SMHarman 26-04-2005 23:48
Re: telewest going into liquidation?
 
So Rupert is a year out.
Don't panic Mr Mannering

rupert 27-04-2005 00:17
Re: Telewest going into liquidation?
 
No - rupert is not a year out - the financial restructuring did take place in 2004 but apparently has not done the company any good -
The EXTRAORDINARY GENERAL MEETING is due to take place 20 MAY 05 - which appears to serve as a formality to satisfy company rules & procedures - the company WILL be wound down

Raistlin 27-04-2005 00:26
Re: Telewest going into liquidation?
 
:welcome: to CF rupert (thought I'd jump in as nobody else has apart from paul - shame on you all!!).

I guess we just wait and see what happens, personally I'm not sure what to make of it but we'll find out soon enough.

Paul 27-04-2005 00:46
Re: Telewest going into liquidation?
 
This is Telewest Communications PLC - the old Company. In simple terms a new company (Telewest Global) was formed last year and all the old TW buisness and assets transferred to it. This just looks like the final winding up of the old, defunt, company.


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