LONDON, Nov. 3, 2008 (GLOBE NEWSWIRE) -- Virgin Media Inc. (Nasdaq:VMED), a leading UK entertainment and communications business, today announced that the Agent under its Senior Facilities Agreement has informed the Company that sufficient votes have been cast in favour of the proposed amendments for the amendments to be approved by the required majority lenders. Since part of the amendment also requires each individual lender in the A and B tranches under the facilities to make a separate decision and that requires the return of the necessary paperwork, the Company is awaiting confirmation from the Agent as to the level for these acceptances.
Virgin Media will be announcing its third quarter results on November 6th and will be hosting Analyst Days in New York and London on November 11th and 13th respectively to update investors on the Company's strategy. Location and registration details can be found on the Company's website at www.virginmedia.com/investors. The Company will provide a full update on the results of the amendment process, including the percentage of lenders who have individually agreed to move into new tranches of the senior loans with modified payment terms as set forth in the proposed amendments, in conjunction with the results announcement.
Virgin Media cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Virgin Media's results to differ materially from historical results or those expressed or implied by such forward-looking statements. Certain of these factors are discussed in more detail under "Risk Factors" and elsewhere in Virgin Media's Form 10-K filed with the SEC on February 29, 2008, as amended, and our Form 10-Q filed with the SEC on August 7, 2008. There can be no assurance that the transactions contemplated in this announcement will be completed. Virgin Media assumes no obligation to update any forward-looking statement included in this announcement to reflect events or circumstances arising after the date on which it was made.