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Weakest links become weaker

Telewest and KPNQwest are the latest companies to appear on S&P’s ‘weakest link’ survey. A debt restructuring looks on the cards for Telewest but a solution to KPNQwest’s plight is more complex.

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Two weeks is a long time in the distressed debt market. A fortnight after Standard & Poor’s issued its latest survey of ‘weakest links’, or companies most in danger of defaulting on their debt, Telewest and KPNQwest have been high-profile additions to the list.

As of April, the 49 issuers that make up S&P’s list – those rated CCC or lower and on credit watch negative or negative outlook – had $24

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