By Ben King, 13 August 2001 09:35
NEWS NTL and Telewest have held talks about restructuring their debts as a prelude to a merger of the two companies. According to unnamed sources quoted by the Financial Times, the two companies have been in talks with investment bank JP Morgan Chase about redeeming their outstanding bonds. Both companies are heavily indebted, with a total of E17bn (£10.7bn) in outstanding securities and loans. The debts are one of the major obstacles to a possible merger, though the two cable operators would have to secure approval from operators and regulators before a merger could be completed.
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