BusinessCompany NewsTelewest to pay restructurers £22m

Telewest to pay restructurers £22m

Cable operator Telewest has set aside £22m to pay KPMG and the other financial experts providing advice on its £3.5bn rescue.

The company will pay accountant KPMG, bankers Citigroup and Gleacher, and its lawyers Freshfields and Weil Gothshal & Manges. Telewest is also footing the bill for the crediors advisers, UBS Warburg and law firm Cadwalader Wickersham & Taft.

But the final bill of the rescue, is likely to be higher than the company expected, as wrangling among creditors has prolonged the rescue. Directors refuse to say when they expect the restructuring deal of Telewest’s £5.2bn debt will be completed.

The fee emerged as Telewest revealed a £2.2bn loss in its annual results. The loss was mostly attributed to a £1.6bn write-off of accumulated goodwill, as the company’s cash losses were only £271m.

Despite these losses and the restructuring deal, the group’s revenue grew 2% to £1.35bn.

In August, the company appointed Mark Luiz, its former chief operating officer, finance director to lead the troubled company’s restructuring.

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