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General

UPC files for bankruptcy protection

Wednesday 4 December 2002 | 00:00 CET | News
UPC (Netherlands), cable TV company, has filed for bankruptcy protection in the Netherlands and the US, in line with its previously announced plans to convert two-thirds of its Euro10.4 bil of debt into equity. The restructuring will leave Liberty Media, owned by US cable entrepreneur John Malone, with an around two-thirds stake in UPC, vs a slightly more than 50% stake at present. The remainder will be held by UPC's bondholders. The restructuring is expected to be completed by end-1st-qtr 2003.

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Categories: General
Companies: Liberty Media / UPC
Countries: United States
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