Liberty poised for key Telewest battle

NEWS Liberty Media is set to tighten its grip on UK cable company Telewest - assuming a court ruling in the US goes in its favour tomorrow. Liberty, headed by US media cable tycoon John Malone, is trying to control bonds which are likely to be turned into equity in the cableco as part of major debt restructuring. The court case is due to existing bondholders opposing Liberty's move to take control of the company. Liberty already has a stake in Telewest and three representatives on its board. Malone and his investment vehicle own stakes in cable companies across Europe, many of which are operating while owing billions of euros.