Telewest not out of the woods
# Jun 4, 11:47 AM 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.
- News Source: Bloomberg.com