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Telewest debt pile makes further change inevitable
Monday, 05 Aug, 2002
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Communications giant Telewest – one of the UK’s two viewdata providers – published its results for the first six months of the year last week, revealing it has total debts of £5.3 billion.
The company’s business division, which includes its travel operations, saw revenues fall by 5% to £131 million in the six months to 30 June.
Former finance director Charles Burdick has taken over as chief executive from Adam Singer. He will lead a financial restructuring which will see 26 banks and 100 bondholders take over ownership of the company.
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