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Telewest nears financial resolution

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Nov 29, 2002

Debt-laden cable operator Telewest is reportedly on course to announce a long-awaited rescue package by the end of next month. As with counterpart NTL, the deal is expected to see the company swap much of its £5.3bn debt for equity. The company announced a restructuring agreement with its bondholders to exchange 97% of the firm for the cancellation of £3.5bn of what it owes.

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