on Monday unveiled details of a debt-for-equity swap
plan for its three main lenders, under which the banks would be partially given voting rights.
7bn debt-for-equity swap
in 2003, eliminated a potential pounds 55.
A complex debt-for-equity swap
saw BRMB's owner GWR Group reverse a deal it made more than two years ago in an effort to haul itself out of the red.
The latest hurdle was cleared when shareholders backed plans for a debt-for-equity swap
that will leave them with just 1.
The move comes after an offer from Liberty to buy 20 per cent of Telewest's bonds, increasing speculation of an imminent debt-for-equity swap
at the group.
UFJ will also assume a portion of the 70 billion yen debt-for-equity swap
which is part of a 470 billion yen rescue package for Daikyo.
CABLE TV operator Telewest said yesterday it was on course to complete a debt-for-equity swap
this summer after reporting a significant reduction in its losses.
2 billion (pounds 3 billion) in outstanding bonds, which would give Mr Malone more say if Telewest follows larger UK cable rival NTL into a debt-for-equity swap
The banks have also agreed to provide 60 billion yen through debt-for-equity swap
deals under which they buy preferred shares Daikyo will issue.
Once its debt-for-equity swap
is complete Telewest plans to move its primary stock market listing from London to the USNasdaq.
The resulting interest payments have threatened what analysts consider a viable business The debt-for-equity swap
is the functional equivalent of a pounds 7.
The package, orchestrated by UFJ Bank, Dai-Ichi Kangyo Bank and Asahi Bank, consists mainly of debt waiver and a debt-for-equity swap
, the sources said.