Telewest rejig on target

Telewest plans to undergo a major debt-for-equity swap.

Troubled cable company Telewest has said it is entering the final stages of its restructuring plan.

Telewest has filed documents with the US Securities and Exchange Commission (SEC) and said it expected the shake-up to be completed in the new year.

Under a planned £3.5bn ($5.95bn) debt-for-equity swap, bondholders will receive 98.5% of the UK firm.

Earlier in the year, Telewest reported losses of £2.2bn as it wrote off a large sum of the value of its assets.

Like other telecom companies, Telewest was hit when assets it acquired during a spending spree at the height of the hi-tech boom slumped in value.