United Pan-Europe Communications, the Dutch cable group, edged closer to having to restructure its €13bn ($12bn) debt mountain following its latest credit rating downgrade.
As they downgraded UPC's bond rating to Caa3, Moody's analysts Russell Solomon and Ted Barac, said: "Moody's now believes that some form of restructuring is a strong possibility." The analysts added that they expect bondholders to realise "considerable losses".
