COMMUNICATIONS and technology company Telewest is likely to
undergo a financial restructure following the revelation it has debts of £5.3
billion.
The company, which provides viewdata services to the travel industry,
may enter talks with its financiers about reducing the debt. The announcement
was made as Telewest published its results for the six months ending June 30.
The figures revealed a 30% rise in pre tax profit £184
million. However, revenue from its Business Division, which includes Telewest
Travel, was down 5% to £131 million from £138 million.
The company also announced the replacement of outgoing chief
executive Adam Singer with managing director Charles Burdick. Singer leaves the
company with a £1.2 million pay off.