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17/12/2001
NTL to face debt and restructuring head on
NTL, Britain’s biggest cable operator, may be on the verge of a major debt restructuring deal.
Reportedly seeking a deal with its banks and bondholders this week, NTL is engaged in a bid to write off a portion of its debt in return for an equity stake in the firm.
The crunch came as NTL was expected to announce the cancellation of the sale of its broadcast mast business to France Telecom, its biggest shareholder.
The sale cancellation, would deal a further blow to NTL’s hopes of paying off much of its £12 billion in debt.
Last week, NTL said it was cutting 4,000 jobs in the UK, bringing forward 2,000 redundancies planned for next year and axing another 2,000 workers on top of that.
The company also announced a pay freeze for managers, a review of all operating and capital expenses, and a review and removal of all non-essential consultants and contractors.
Analysts consider that NTL’s mounting problems make it likely that the firm will at some point opt for a merger with number-two cable firm Telewest. (AMcE)
Reportedly seeking a deal with its banks and bondholders this week, NTL is engaged in a bid to write off a portion of its debt in return for an equity stake in the firm.
The crunch came as NTL was expected to announce the cancellation of the sale of its broadcast mast business to France Telecom, its biggest shareholder.
The sale cancellation, would deal a further blow to NTL’s hopes of paying off much of its £12 billion in debt.
Last week, NTL said it was cutting 4,000 jobs in the UK, bringing forward 2,000 redundancies planned for next year and axing another 2,000 workers on top of that.
The company also announced a pay freeze for managers, a review of all operating and capital expenses, and a review and removal of all non-essential consultants and contractors.
Analysts consider that NTL’s mounting problems make it likely that the firm will at some point opt for a merger with number-two cable firm Telewest. (AMcE)
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16 April 2002
NTL's miracle escape from liquidation
CEO Barclay Knapp saw NTL default on an Enron-beating debt mountain of £7.3 billion on Tuesday 16 April, but unlike his energy sector counterparts, managed to haul the UK's biggest cable operator back from the brink of liquidation.
NTL's miracle escape from liquidation
CEO Barclay Knapp saw NTL default on an Enron-beating debt mountain of £7.3 billion on Tuesday 16 April, but unlike his energy sector counterparts, managed to haul the UK's biggest cable operator back from the brink of liquidation.
08 April 2002
NTL reported to be close to securing debt deal
Media reports are suggesting that cable company NTL is close to agreeing a deal with bondholders which would allow it to escape forced liquidation. The reports suggest that banking sources are believed to be on the verge of approving a debt-for-equity swap for the debt-ridden cable firm.
NTL reported to be close to securing debt deal
Media reports are suggesting that cable company NTL is close to agreeing a deal with bondholders which would allow it to escape forced liquidation. The reports suggest that banking sources are believed to be on the verge of approving a debt-for-equity swap for the debt-ridden cable firm.
28 March 2002
NTL offer debt-for-equity deal to creditors
Cash-strapped NTL are set to offer creditors a deal which it is hoped will allow the cable company to stay afloat as it tries to reduce its £17 billion debts.
NTL offer debt-for-equity deal to creditors
Cash-strapped NTL are set to offer creditors a deal which it is hoped will allow the cable company to stay afloat as it tries to reduce its £17 billion debts.
04 July 2001
NTL APPOINTS MD FOR NI CONSUMER BUSINESS
NTL have appointed Ian Jeffers as managing director of consumer business in Northern Ireland, Scotland and Wales. Mr Jeffers, who is NTL’s Director Broadband Implementation, is currently co-ordinating the company’s broadband activity, takes up his position as managing director of NTL’s consumer business in Northern Ireland this month.
NTL APPOINTS MD FOR NI CONSUMER BUSINESS
NTL have appointed Ian Jeffers as managing director of consumer business in Northern Ireland, Scotland and Wales. Mr Jeffers, who is NTL’s Director Broadband Implementation, is currently co-ordinating the company’s broadband activity, takes up his position as managing director of NTL’s consumer business in Northern Ireland this month.
13 May 2002
Freeserve team up with NTL to offer broadband
Internet service provider Freeserve has announced an agreement to deliver its Freeserve Broadband service via NTL’s next-generation cable network.
Freeserve team up with NTL to offer broadband
Internet service provider Freeserve has announced an agreement to deliver its Freeserve Broadband service via NTL’s next-generation cable network.
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