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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.
02 April 2002
Bondholders allow delay in NTL's debt repayments
A committee of bondholders in NTL have told the debt-ridden cable company not to pay the £66 million in interest that was due to be paid on Monday April 1. The move affords temporary relief to the UK's biggest cable company, which is currently operating with debts totalling £12 billion.
Bondholders allow delay in NTL's debt repayments
A committee of bondholders in NTL have told the debt-ridden cable company not to pay the £66 million in interest that was due to be paid on Monday April 1. The move affords temporary relief to the UK's biggest cable company, which is currently operating with debts totalling £12 billion.
18 April 2002
NTL plan recapitalisation of debt into equity
NTL Incorporated has announced that it has reached an agreement in principle on a comprehensive recapitalisation of the company following consultation with an unofficial committee of its public bondholders. The members of the committee hold in the aggregate over 50 per cent of the face value of NTL and its subsidiaries’ public bonds.
NTL plan recapitalisation of debt into equity
NTL Incorporated has announced that it has reached an agreement in principle on a comprehensive recapitalisation of the company following consultation with an unofficial committee of its public bondholders. The members of the committee hold in the aggregate over 50 per cent of the face value of NTL and its subsidiaries’ public bonds.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
