TV
Telewest has announced it has gained approval from shareholders to dispose of its stake in SMG - the resolution was passed today at an Extraordinary General Meeting.
Cob Stenham, the company's chairman, said: "Any disposal of our interest in SMG plc would form part of our efforts to address the Group's funding position. We wish to preserve the Company's flexibility at a time of constrained capital markets and as we enter into restructuring discussions.
"Despite the uncertainties caused by the restructuring process, our underlying operational business continues to be sound and our commitment to our customers is unchanged."
This is the latest in a series of statements from Stenham pointing to an upcoming major restructuring with bondholders, and also possibly involving US cable giant Liberty Media.
Cob Stenham, the company's chairman, said: "Any disposal of our interest in SMG plc would form part of our efforts to address the Group's funding position. We wish to preserve the Company's flexibility at a time of constrained capital markets and as we enter into restructuring discussions.
"Despite the uncertainties caused by the restructuring process, our underlying operational business continues to be sound and our commitment to our customers is unchanged."
This is the latest in a series of statements from Stenham pointing to an upcoming major restructuring with bondholders, and also possibly involving US cable giant Liberty Media.
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