周五，Virgin Media O2 的债券再次暴跌，延续了数周的下跌趋势，使其债券价格已跌至严重困境水平。
Media O2’s bonds are slumping again on Friday, extending weeks of declines that have sent its notes to deeply distressed levels.
根据彭博社汇总的数据，部分将于 2033 年和 2032 年到期的债券报价仅为面值的三分之一多一点，自 10 月初以来跌幅已超过 25 个基点。Virgin Media O2 于 2033 年 7 月到期的供应商融资票据周五在欧元计价中下跌了多达 5.3 美分，至 37.7 美分，自 7 月初以来价值已减半。
Some bonds due 2033 and 2032 are quoted at just over a third of face value, taking their drops to more than 25 basis points since the start of October, according to data compiled by Bloomberg. A vendor financing note issued by Virgin Media O2 due in July 2033 fell as much as 5.3 cents on the euro on Friday to 37.7 cents, halving in value since early July.
与此同时，基于其债券违约风险保险成本的飙升，这家英国电信公司违约的可能性已接近确定。
Meanwhile the implied odds of the British telecommunications firm defaulting has risen to near-certainty, based on the surging cost to insure its bonds against the risk of a breach.
此次最新抛售潮的导火索是监管机构对 Nexfibre Networks Ltd. 收购 Netomnia Ltd. 的审查。英国竞争监管机构警告称，该交易可能损害竞争，而这项交易原本预计能为 Virgin Media 的债务削减带来约 10 亿英镑（13 亿美元）的现金。Nexfibre 由 Virgin Media 的股东 Telefonica SA 和 Liberty Global Plc 提供支持。
The latest selloff was triggered by regulatory scrutiny of Nexfibre Networks Ltd.’s acquisition of Netomnia Ltd. The UK competition regulator has warned the deal could hurt competition, putting at risk a transaction expected to generate about £1 billion ($1.3 billion) of cash toward deleveraging Virgin Media. Nexfibre is backed by Virgin Media shareholders Telefonica SA and Liberty Global Plc.
分析师 Erhan Gurses 表示，Bloomberg Intelligence 估计该交易被完全否决的可能性约为 40%，其余 60% 的情况可能依赖于“涉及价格和投资让步的严格补救措施，这将削弱交易带来的好处”。
Bloomberg Intelligence puts the odds of the deal being blocked outright at about 40%, with the remaining 60% likely to rely on “strict remedies involving pricing and investment concessions that would dilute the deal’s benefits,” according to analyst Erhan Gurses.
市场猜测日益增多，该公司可能会采取更激进的债务重组方案。Virgin Media 及其股东虽试图向债权人保证，但随着其债券陷入更深的困境，相关风险已变得愈发突出。
Speculation is growing that the company could pursue a more aggressive debt overhaul. Virgin Media and its shareholders have sought to reassure creditors, but the risk has moved to the forefront as its bonds sink deeper into distress.
这对光纤宽带网络而言是又一个挫折，也让那些押注该行业能带来防御性回报的投资者大失所望。相反，大量新进入者加剧了竞争，进一步挤压了本已承受高借贷成本压力的企业。
It’s another setback for fiber broadband networks, wrong-footing investors that staked billions on the industry expecting defensive returns. Instead, a rush of new entrants has intensified competition and squeezed businesses already under pressure from high borrowing costs.
许多投资者仍在承受阿尔蒂斯法国公司（Altice France）债务重组期间所遭受的损失，以及帕特里克·德拉希（Patrick Drahi）在其电信帝国中采取的激进策略所带来的苦果。
Many investors are still nursing losses exacted during the debt restructuring of Altice France, and the aggressive tactics used by Patrick Drahi across his telecommunications empire.