Virgin Media is putting the finishing touches on an agreement that will seal the cable television group's bid to persuade creditors to rearrange its £4.3bn ($7.0bn) debt package, which would see major repayments delayed by three years.

Creditors voted last week on the proposals, which would see major chunks of its outstanding repayments that were due in 2010 and 2011 delayed until June 2012. The agreement will be paid more attention in current tight credit conditions, with capital markets players watching out for any hitches in such debt restructurings.