Final curtain comes down on Telewest's Singer
- Added:
- Jul 31, 2002
The debt-ridden company has been linked with an NTL-style financial restructuring for some time, but Singer has so far resisted change, and appears to have been ousted from his position.
In a statement that suggests a refinacing deal looms large on Telewest's horizon, company chairman Cob Stenham said: "Given our current financial position, the independent directors believe the company needs a different management style to take the business through its next phase."
The company, which is saddled with debt amounting to more than £5bn, will report interim results tomorrow. BSkyB has made good progress in converting high-and-dry ITV Digital subscribers to its service and Telewest shareholders will be hoping that it has had similar success.
Assuming no restructuring deal takes place, Telewest will lose in the region of £600m this fiscal year.
Shares have dived 12.9% to just 1.96p, valuing the company at around £55m, at a rather worrying 1% of its aggregate debt.
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