The UK’s second largest cable operator Telewest is rumoured to be planning a program of debt restructuring, similar to that recently carrier out by the UK’s largest cable operator NTL.
Telewest is expected to announce the name of an investment bank, which will help it in its debt restructuring. The cable operator is preparing to swap a large part of its debt for creditors taking equity.
In other news, Microsoft has removed three of its non-executive directors from the Telewest board. Henry Vigil, Salman Ullah and Dennis Durkin have all been withdrawn from the board of directors and are unlikely to be replaced. Microsoft owns a 23.6% stake in Telewest and has the option to put forward three representatives to join the company’s board as part of its shareholder agreement with Telewest.