I wonder what excuse Virgin Media's executives will come up with when their reprieval expires. The company simply doesn't have the cash to start repaying their loans, and nor will it in the foreseeable future.
It's a vicious circle, as they need to invest heavily to remain competitive yet can't afford to do so and provide better products/services. Hell, they've not got enough cash to upgrade their network - let alone maintain it sufficiently - to be able to compete with the number of HD channels available from Sky, or the speeds that FTTH will bring about should BT decide to upgrade their network (contrary to VM, BT could afford the upgrade but don't want to spend the cash).
VM are screwed whatever they decide to do. At long last, after many years of incredibly inept senior execs calling the shots, Virgin Media's chickens are coming home to roost.