Debt-laden cable operator Telewest has said it plans to meet bondholders and key shareholder Liberty Media over plans to restructure its finances.

The move comes after an offer from Liberty to buy 20 per cent of Telewest's bonds, increasing speculation of an imminent debt-for-equity swap at the group.

Telewest, based in Woking, Surrey, is weighed down by £5.3bn of debts and may run out of cash before it can break even.

Rival cable firm NTL agreed to carry out a debt-for-equity swap earlier this year after running up debts of more than £11bn.