Telewest Completes Restructuring

LONDON -- Telewest Communications plc ("Telewest") today announces that its financial restructuring has become effective. As a result, all outstanding notes and debentures of Telewest and its Jersey-based finance subsidiary have been cancelled, reducing the total outstanding indebtedness of the business by approximately GBP 3.8 billion, or more than 65%, to approximately GBP 2.0 billion. As part of the financial restructuring, Telewest transferred substantially all of its assets and liabilities to a subsidiary of Telewest Global, Inc. ("Telewest Global"), a holding company incorporated in the state of Delaware and formed for the purpose of holding the businesses that have historically comprised Telewest.

Trading in Telewest Global's common stock on the Nasdaq National Market will commence on 19 July 2004 under the symbol "TLWT". As part of the financial restructuring, 241,325,000 shares, or 98.5%, of Telewest Global's common stock will be distributed to the holders of Telewest's and its Jersey-based finance subsidiary's notes and debentures and certain other scheme creditors, and 3,675,000 shares, or 1.5%, of Telewest Global's common stock will be distributed to Telewest's existing shareholders. Details of the distribution of these shares will be announced tomorrow, 16 July 2004 after 5:00 p.m. (London) when Telewest's and its finance subsidiary's schemes of arrangement are closed to claims for which no notice has been received.

Telewest today also successfully completed the amendment of its senior secured credit facility. The amended facility provides for fully committed facilities of GBP 2.03 billion.

Cob Stenham, Chairman of Telewest, commented: "Completion of our financial restructuring ends a long and complex process for Telewest and allows us to focus our full resources on strengthening our position as a leading broadband communications and media group in the United Kingdom."

Telewest Global's board of directors will include seven directors not historically associated with the Telewest business: Barry R. Elson (Acting Chief Executive Officer), William Connors, John H. Duerden, Marnie S. Gordon, Donald S. La Vigne, Michael McGuiness and Steven R. Skinner. Cob Stenham, Chairman of the Board of Telewest, will serve as Chairman of Telewest Global.

"This is a dynamic and experienced group of directors. Their expertise will be extremely valuable to the Telewest business, and I am looking forward to working with them", said Stenham.

Telewest Communications Networks plc