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CABLE TV group Telewest will become a US quoted company under its long-awaited rescue plan. Details filed with the US Securities and Exchange Commission confirm that the new Telewest Global will be quoted on Nasdaq. There is no plan for a London share quote.
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Small investors, whose shares slumped from a peak 563p to 1.88p, may be tempted to sell out. A cheap dealing facility seems likely as part of the plan.
Managing director Charles Burdick is staying to take his chances with the new US board, chaired by industry veteran Barry R Elson. Burdick (£651,000 pay and perks last year) will get a £500,000 pay-off if he leaves.
The group's UK cable TV and phone ventures have left it with 1.7m customers and £5.9bn debts. Bondholders, owed £3.9bn, will convert this into 98.5% of the shares in Telewest Global, with present shareholders getting 1.5%.
TG will owe banks £2bn but should have positive cash flow. Later next year it is likely to merge with NTL.
The rescue will cost £63m in fees. Renewing bank facilities for TG will cost a further £30m.
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