Telewest reorganization plans get British courts approval

By Jeff Pines

Washington, June 21 - Telewest Communications plc and Telewest Finance Ltd.'s reorganization plans obtained approval from British courts, the London-based broadband provider said.

The bar date for claims will be July 16.

Telewest expects the plans to become effective July 15 and to complete its financial restructuring on July 19.

The plan calls for the bondholders to get 98.5% of the equity in a new subsidiary Telewest Global, Inc., to be incorporated in Delaware.

Telewest expects the Delaware company's shares to trade on the Nasdaq.

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