Telewest denies new job cuts

12 April 2012

DEBT-LADEN cable services group Telewest today played down reports that it is about to sack 1,000 people to reduce costs, on top of the 1,500 job losses it has already announced. A spokeswoman said: 'There are no current plans to make further job losses.'

The company is today seeking shareholder approval for the sale of its 17% stake in Glasgow-based media group SMG. It is also in talks about a huge debt-for-equity swap to put its balance sheet back on an even keel.

Telewest's new managing director is looking to reduce interest costs by £300m annually, although existing shareholders would see their stakes heavily diluted. Telewest's former chief executive Adam Singer was ousted last month.

The shares were steady at 1.32p

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