Troubled cable giant Telewest is preparing to offload its multi-million pound stake in a major media group in an effort to bite into its massive mountain of debt.
The cash-strapped company, which employs hundreds of people in Basildon and Southend, has asked its shareholders for permission to sell off its 16.9 per cent stake in the Scottish Media Group, owner of Virgin Radio.
If permission is granted at a shareholders meeting on Spetember 4, the company will be able to sell its stake - valued at around £52m - any time in the next year.
Charles Burdick, who recently replaced Adam Singer as chief executive of Telewest, said: "We remain committed to finding an outcome to our balance sheet concerns that is fair and equitable to all our stakeholders."
Telewest currently has debts of around £5.3bn, and has already announced hundreds of job cuts in an effort to make savings.
Published Tuesday August 27, 2002
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