Telewest nearer £3.5bn debt swap

[SMHarman]

So NTL aren't doing that bad really!

Today's preliminary statement gave no update on progress in this. Instead investors were reminded: 'We are currently in default on our outstanding notes and debentures, certain of our finance leases and our bank facility. Because we are not making current interest payments on our notes and debentures, we have been able to finance our remaining working capital needs through available cash and cash generated through operations.

Operating losses before exceptional charges were cut by 74% to £62m in the year to December 2003. Net losses after all charges were slashed from £2.2bn to £272m.

http://www.thisislondon.co.uk/news/b...d75618?source=

[Chris W]

hmm... so are ntl going to buy out telewest and invest then?! make cable a try monopoly in the uk!

[SMHarman]

Of course the two will merge in time, but TW need to sort out their debt with their bondholders first. NTL have already done this.