Telewest chief in unexpected departure
Cable company Telewest announced on Wednesday afternoon that Adam Singer, its chief executive, has resigned.
According to reports, some members of the Telewest board had put pressure on Singer to step down. It is thought finance director Charles Burdick will replace him.
Singer's departure comes only a day before Telewest announces interim financial results, leading to speculation that the cable firm may be about to reveal some bad news - possibly a second-quarter loss of up to £200m
Telewest has debts of over £5bn, of which around £3.2bn is owed to bondholders. The company is expected to execute a debt-for-equity swap that would put it in the hands of its bondholders.
US billionaire John Malone, the chief of Liberty Media, has been trying to win control of Telewest for some months, but two weeks ago he withdrew a £223m offer for 20 percent of Telewest's bonds.
Telewest's shares closed at 2p on Wednesday. At their peak, in March 2000, they were changing hands for 560p.
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