United Pan-Europe Communications (UPC), the debt-laden Dutch cable group, has turned to JP Morgan to manage its forced listing of Priority Telecom, its business telecoms unit.

The listing is proceeding in the wake of falling equity markets because UPC promised to take Priority public by October 1 or pay a penalty of $200m (€217m) when it acquired Cignal Global Communications, a US provider of global network services, last year. Cignal shareholders received 16% of Priority.