Telewest fat cats face shareholder revolt

Telewest paid four executives £690,000 in bonuses last year despite the collapse of the company's share price.

During 2001 shares in the troubled cable company fell by around 40 per cent, while pre-tax losses rose by 63 per cent.

The revelation is expected to provoke lively debate at the company's annual meeting
on 11 June, reports the FT.

Telewest is currently struggling to reduce around £5bn in debt and may have to agree to a debt for equity swap in the next 12 months in an attempt to survive.

Yesterday, NTL confirmed it has filed for Chapter 11 bankruptcy protection in the US.

For related news, see
Telewest debts force major rethink
http://www.silicon.com/a52228
Telewest losses hit £2bn
http://www.silicon.com/a51701
NTL asks banks for some more cash
http://www.silicon.com/a51407
NTL and Telewest linked with merger
http://www.silicon.com/a51267
Telewest: "We're number one"
http://www.silicon.com/a49212

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