Virgin Media shares rose by a quarter after the cable television group said it had persuaded its 10 biggest creditors to support moves to rearrange its debt of more than £4bn.

The company acted to pre-empt further debt problems when it announced it was seeking to roll back major payments for up to two years.

Virgin Media said that it had the "unanimous support" of its 10 biggest bank lenders. They represent between 45 and 50 per cent of the £4.3bn in loans that the cable group has outstanding, according to people familiar with the structure of the debt.

Shares in the Nasdaq-listed company rose 23 per cent, or $1.20, to $6.36. They had fallen by 74 per cent in the past year.

In a statement, the company said it was seeking the necessary consent of two-thirds of its lenders to changes in the main agreement.

Virgin Media said that it had already expected to begin refinancing next year, but "in light of the disruption of the credit markets, the company has decided proactively to address its amortisation payments due in 2010 and 2011".

In effect, all major repayments would be postponed to June 2012. Under the current arrangement, Virgin Media has to begin repaying the debt in early 2010, and analysts have said that its ability to service more than the early stages of that schedule was open to doubt.

If they consent to the new arrangements, the banks will receive fees totalling up to £70m and a further £50m a year in increased margins.

Neil Berkett, chief executive of Virgin Media said the new arrangements were in the best interests of the company, its shareholders and the banks.

A person with knowledge of the company's strategy told the Financial Times: "This will take the pressure off and show the vultures hanging around who think the company must sell various things, that they do not need to now."

One analyst, who asked not to be named, said: "This takes away the perception of short-term financing risk from the company. It is an attempt to get certainty for the next couple of years."

Martin Mabbutt of Nomura added: "There was a good deal of scepticism that it would be possible [to make refinancing arrangements] so this is a relief, but the company is not out of the woods yet."