FEBRUARY 1, 2002
THE cable company United Pan-Europe Communications, the parent company of Arrows sponsor Chello, has announced plans to pay off $7bn of debt by issuing new shares, thus diluting the existing shareholdings. The company's share price is a fraction of what it was a year ago and the announcement is likely to drop the value of the company still further. UPC is being forced to make the move as it cannot make interest payments on its debts.
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