Update: Mirror.co.uk reports that up to 1,000 jobs could be axed at Virgin Media (NSDQ: VMED) and Trinity Mirror’s (LSE: TNI) Newcastle Journal has spoken to staff in the north east who are worried by the threat of cuts.  Virgin Media is not ruling out any job cuts, large or small, and in a statement today the company told us: “We’ve made no secret of the fact that we’re looking at our operations to see how we might further improve our customers’ experience and continue to grow our business. We’ll be talking about this in more detail over the next month or so but it’s far too early to say how this process could affect specific departments or locations. We’ll obviously be talking to our staff about any changes as early and as openly as we can.”

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Original: The crippling lack of liquidity in credit markets has prompted Virgin Media (NSDQ:VMED) to ask its lenders if it can defer debt payments until June 2012 while it devises a new re-financing plan for its £4.32 billion of debt. As it sets out in a statement, Virgin Media was scheduled to refinance its amortization payments next year but has been forced into earlier action. The company has already repaid about £900 million from cash from its operations and says it expects to be able pay its next installment, due in Q110, the same way but needs the new deal to help secure other payments in 2010 and 2011. The company said the plan was designed to “remove any potential future concerns” over its ability to meet payments.

Virgin has been busy expanding its board by five members and has brought in a new management team to oversee this and other problems. Lenders have until October 31 to respond to the request though Virgin says the ten banks that hold most of its debt have already given the plan the go-ahead.