Telewest to pay GBP1.4 million compensation

Telewest’s annual report - published yesterday - has revealed that Adam Singer, the former boss of Telewest, received compensation of GBP1.4 million when he left the company last year. Mr Singer and Telewest parted after disputes over management styles; it is thought that he was considered to have too much of a visionary approach for the company. The 2002 report also shows that the UK’s largest cable operator made a loss of GBP2.2 billion and that it is likely to be left with a GBP2 billion debt after debt-for-equity swapping involving bondholders, senior lenders and other stake holders.