By Tony Hallett, 5 March 2002 08:20
NEWS UPC has become the latest large cable company to turn to its creditors to restructure its debt mountain. The pan-European provider of internet and TV services has secured a Euro5bn waiver on debts, buying it crucial time to work out its long-term viability. The negotiations will see UPC's main investor, United Global-Com, take its already controlling stake up to around 65 to 70 per cent of the Netherlands-based company. United Global-Com is also a concern of US cable tycoon John Malone, whose Liberty Media investment also has stakes in Telewest in the UK and is trying to finalise a landmark cable deal in Germany.
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