Telewest debt forces major rethink

NEWS UK cable company Telewest is on the verge of a complete restructure as stakeholder Liberty Media looks for a way into the European market. Robert Bennett, CEO of Liberty Media, said it was about to start talks with debt laden Telewest to discuss the possibility of swapping debt for another equity stake. The US company has been trying, without success, for some time to break into the UK, German and Swiss cable markets. Liberty Media already holds a 25 per cent equity stake in the UK company but is prepared to invest a further $350m (£250m) in return for a further 20 per cent.