United Pan-Europe Communications (UPC), the Dutch telecoms operator, has made significant progress toward removing €7.5bn ($6.4bn) in debt from its books, in return for ceding control to Liberty Media.
The deal marks the end of two months of negotiations between UPC, its major senior debt providers JP Morgan and Toronto Dominion Bank, and its largest shareholder and creditor United GlobalCom (UGC). UGC is 72% owned by Liberty, the US cable provider.
