DEBT-LADEN cable company Telewest fuelled the debate about a potential merger with rival ntl by confirming it was considering listing on the New York Stock Exchange.
The group showed its restructuring was on track by revealing it had cut third-quarter losses by 25 per cent.
Charles Burdick, managing director, described the restructuring as "a long-running saga that is in its final stages", with a financial proposal currently with the group's bankers.
The UK's number two cable operator said it had reduced net losses for the nine months ending September 30 by 18 per cent to £327m. In the third quarter, net losses were trimmed by 25 per cent to £119m.
Anthony Platts, assistant director of stockbrokers Wise Speke's Teesside office, said: "Telewest is expected to change its primary listing from London to New York next year."
"As part of the complex financial restructuring it is expected that we will see the company's current bondholders - most of whom are in the US - take control of 98.5 per cent of the company's equity. This makes a move to the US market almost inevitable.
"The move follows ntl's similar recent actions and analysts fully expect a merger following the reconstruction."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article