The fortunes of European cable companies took another tumble today, as United Pan-Europe Communications said that any failure to reach an agreement with its bondholders to restructure its debts could force the company to seek bankruptcy protection from creditors. Many European cable companies are being crushed by the debts they amassed in the late 1990's, when they borrowed heavily to grow through acquisitions. The capital markets have since stopped lending to these companies, making it difficult for them to finance operations and repay their debts. Almost none of them make a profit. ... Unless agreements are reached, analysts expect them to run out of money by August. ... "No matter how he does it, John Malone will end up controlling the majority of European cable operations." | 
