Virgin Media cable television group has won approval from its lenders to delay large repayments on its £4.3bn debt pile.

The new debt schedule delays £2bn of amortisation repayments due between now and 2012, and eases the pressure on the group amid the global economic slowdown.

Virgin gained approval from more than 66 per cent of its senior debt holders to relax its leverage and interest cover covenants.

Chaos in the credit markets led Virgin to bring forward the negotiations from the middle of next year in order to give it more time to complete the refinancing.

Virgin’s senior loan facilities consist of £4.3bn of loans in A, B and C tranches, as well as a £100m revolving facility.

Lenders were offered two options – to remain in the existing loan or accept substantial improvements to existing margins and fees in return for agreeing to certain changes.

Under the new arrangements the banks will receive fees totalling up to £70m while increased margin payments could be up to £50m.

In exchange for deferring the payments and extending the maturity of loans and revolving credit facility, lenders will get a fee of 25 basis points.

Lenders to the A and B tranches and the revolving facility who have agreed to the new provisions will be paid an additional 100 basis points.