Telewest reaches agreement in restructuring; bondholders to receive 98.5% of company

Chicago, Sept. 15 - Telewest Communications plc said it reached an agreement in principle on the terms of its financial restructuring with the ad hoc committee of its bondholders, W.R. Huff Asset Management, the Liberty Media Group and IDT Corp.

Bondholders will receive 98.5 % of the company's equity.

Existing Telewest's shareholders will receive the remaining 1.5% of the issued share capital.

Telewest is a U.K.-based cable company.

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