DEBT-LADEN cable company Telewest has moved into the final stages of its life-saving financial restructuring.

Telewest's new holding company Telewest Global has filed statements with the US Securities and Exchange Commission (SEC) which should enable it to complete the long-awaited debt-for-equity swap with bondholders.

Cob Stenham, Telewest chairman, said: "With the filing of the SEC registration statement, we are all pleased to be entering the last stages of the restructuring, which we now anticipate will be completed during the new year.

"The company continues to perform well and to meet its financial targets, which is a great tribute to the team," he added.

Under the debt-for-equity agreement, bondholders have agreed in principle to swap around £3.5bn in debt for a 98.5 per cent holding in the group. Existing shareholders will have the remaining 1.5 per cent of the company, which is expected to trade on the Nasdaq National Market.

Earlier this month, the UK's number two cable operator said it had reduced net losses for the nine months ending September 30 by 18 per cent to £327m.

Telewest is considered by analysts as a possible merger partner for NTL after the New York-listed rival completed a financial restructuring earlier this year.

*DAILY Mail & General Trust is keeping its eye on developments at the Daily Telegraph amid speculation its broadsheet rival may soon be up for sale.

The company, whose portfolio includes the Daily Mail and London Evening Standard newspapers, said it would keep a "close watch on events" after Telegraph owner Hollinger appointed advisers to review strategic alternatives.