Telewest investors hit out at Liberty

Just what is Liberty up to?

Telewest investors have voted not to reappoint non-executive directors from major shareholder Liberty Media. Telewest currently has debt totalling £5.3bn and at the company's AGM meeting yesterday investors challenged Liberty to reveal whether it had bought Telewest bonds. If Telewest was forced to make a debt-for-equity swap to rescue itself, bondholders would end with the majority of the company. Liberty currently has a 25 per cent share. Last year Liberty executives received bonuses of £690,000 even though Telewest shares fell 40 per cent.