Telewest restructuring cleared by banks

NEWS Embattled cable company Telewest has been given permission by its banks to enter discussions with its bondholders about restructuring its debt. The move should lead to a debt-for-equity swap that will help wipe some of the £5.2bn it owes from its books. Although Telewest had to seek the consent of 26 lending banks, it claims not to face a liquidity problem and is on schedule for its next interest payment on 1 October. Telewest has also said it has appointed a new group finance director, Mark Luiz.