Telewest Communications plc’s previously announced financial restructuring became effective Thursday, the U.K company said.
All outstanding notes and debentures of Telewest and its Jersey-based finance subsidiary have been canceled, reducing the total outstanding indebtedness of the business by approximately £3.8 billion ($7.03 billion), or more than 65%, to some £2 billion ($3.7 billion).
And Telewest transferred substantially all of its assets and liabilities to a subsidiary of Telewest Global Inc., a holding company incorporated in Delaware and formed for the purpose of holding the businesses that have historically comprised the company.
Trading in Telewest Global's common stock on the NASDAQ National Market will begin July 19 under the symbol, "TLWT.”
A total of 241.325 million shares, or 98.5% of Telewest Global's common stock, will be distributed to the holders of Telewest's and its Jersey-based finance subsidiary's notes and debentures and certain other scheme creditors, and 3.675 million shares, or 1.5% of common stock, will be distributed to Telewest's existing shareholders.
