Telewest bondholders committee skeptical of Liberty offer, presses alternative restructuring

New York, June 17 - A new committee representing holders of Telewest Communications plc's bonds said it is skeptical Liberty Media Corp.'s tender offer for some of the company's debt is in the interests of bondholders as a whole.

Instead, the committee is "urgently" seeking talks with Liberty Media and Telewest about its own proposals for restructuring the debt.

The committee was recently formed and says it represents a majority of the holders of Telewest's publicly issued bonds. It added that it has approached the board of Telewest about its own debt restructuring proposal.

However, the committee said it is doubtful about the tender offer announced last week by Liberty Media.

Through its Liberty TWSTY Bonds, Inc. subsidiary, Liberty Media is make a cash tender for $697.3 million and £101 million face amount of Telewest bonds.

But the committee said it is "skeptical" the proposed tender offer will "facilitate a restructuring or other resolution of Telewest's debt problems in the best interests of bondholders as a whole."

The committee is appointing financial advisers. Interested bondholders can contact Andrew Wilkinson at its legal adviser, Cadwalader Wickersham & Taft (+44 207 170 8700).

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