Feeds

Credit crunch prompts Virgin Media bid to shift debt mountain

Eases off on cable outlay

New hybrid storage solutions

Virgin Media has persuaded banks to hold off calling in billions of pounds of debt from 1990s cable rollouts until 2012.

Traders in New York, where the firm is listed, liked the plan and sent its stock up 25 per cent yesterday. Virgin Media beancounters still require permission to restructure the £4.3bn of loans from some creditors, but the ten biggest are already on board.

Under existing arrangements Virgin Media had been due to begin repaying the banks early 2010. The firm told the Financial Times that it had already planned to ask for a reprieve, but brought the move forward in light of the turmoil in global credit markets.

Rumours have been flying that Virgin Media would have to sell major parts of its business in order to meet its debt obligations. The proposed new repayment schedule would significantly ease such pressure. ®

New hybrid storage solutions

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
Alibaba swings a large one with STONKING IPO legal bills
Chinese e-commerce beast searches for $21bn from investors
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.