Atlantic Cable services suspended

Digital Spy has learnt that Atlantic Cable, the trading name of Aberdeen Cable Services, has suspended all cable television services with immediate effect.

According to 'Prince Hamesh', a member of the Digital Spy forums, the message being transmitted on all channels is:

"We regret to advise you that Aberdeen Cable Services has been forced into liquidation. As a consequence service has been suspended with immediate effect.

"The Liquidator is currently negotiating with BSKYB for them to offer future services for you on attractive terms.

"For those interested in this offer phone -x- or -x- for further details."

The suspension of services comes days after the cable company's parent company, Atlantic Telecom, called in administrators on Friday after restructuring talks failed. In a statement following a board meeting, Atlantic said:

"The board of Atlantic regrets to announce that, having pursued detailed discussions with an informal committee of noteholders, as well as with potential sources of finance and possible purchasers of the Group's assets, it has not been possible to agree satisfactory terms for a refinancing and restructuring of the group."

Corporate affairs director, Susy Atkinson, said the Aberdeen-based company would continue to operate; but was unable to predict what course administration would take. Clearly with this latest development, the decision has been made to terminate the company's relatively small cable television operation.

The news wires have reported that the move to adminstration looks likely to cost shareholders all their money, and up to 675 Atlantic employees their jobs. Trading of Atlantic shares was suspended before the opening of trade Friday; the price was just 5 pence per share - valuing the business at £10m. Compare that price to its peak in February 2000 at 1035p, when investors throught Atlantic would make turn its operations around and make substantial amounts of money by selling DSL-based services to business.