Telewest Communications completes restructuring

By Jeff Pines

Washington, July 15 - Telewest Communications plc said its restructuring is complete, reducing its total debt to £2 billion from £3.8 billion.

Its newest subsidiary Telewest Global, Inc., registered in Delaware, now holds most of the London-based broadband provider's assets.

Under the restructuring, noteholders received 241.325 million common shares, or 98.5% of the new company's equity. The existing shareholders received 3.675 shares for a 1.5% stake.

Telewest Global shares will trade on the Nasdaq starting July 19 under the symbol "TLWT."

In addition, Telewest said it also completed the amendment on its senior secured facility giving it fully committed facilities of £2.03 billion.

Telewest filed for and obtained protection from lawsuits from creditors in U.S. courts before its restructuring. Its case number is 04-12916.

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