Investors in a huff
The restructuring of Telewest’s bonds and equity could be in jeopardy because one of the holders of the firm’s bonds, William Huff, wants better creditor terms. Hardeep Dhillon looks at the objections posed by Huff and what bondholders can expect in the final documentation
Bondholders are in a strong position in the battle for control of Telewest, the heavily indebted UK cable company. A committee of bondholders have come together under the auspices of law firm Cadwalader, Wickersham & Taft to fight their corner and for once, they seem to have the upper hand.
The bondholders are looking to recoup as much value as possible after Telewest was forced into a balance sheet restructuring at the end of 2002. The cable company became overburdened with debt as it
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