24/06/2002
Bondholders may have NTL chief replaced
Barclay Knapp's reign at NTL could soon be over as bondholders are reported to have called in a top corporate headhunter to garner a replacement CEO at the troubled cable company.
According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp. Discussions with Philip Jansen are said to be at an advanced stage, although he was not available for comment on the matter.
Mr Jansen is known as a steady hand in the industry and his reputation for assured business nous derives mainly from his restructuring programme at Telewest which has seen the troubled cable company cut costs and begin to turn around its £5.3 billion debt mountain.
Should Broadbent persuade Jansen to take up the challenge, it will add fuel to suggestions that NTL and Telewest will consider merger proposals. Executives at both companies are said to be largely in favour of such a move and, by backing Jansen, bondholders will be widely interpreted as consenting to merger talks as Jansen is viewed as chief advocate for the companies combining their efforts.
Barclay Knapp's fate has been in the hands of bondholders since they gained majority control of NTL following the company's record $10.6 billion debt-for-equity swap to maintain solvency.
But for US investors, who saw their influence diluted during NTL's financial turmoil and the restructuring process, they sought legal recourse for grievances and are pursuing a class action lawsuit against bosses for disseminating misleading information on the company.
Mr Knapp has acknowledged that, should NTL emerge from its Chapter 11 protection, the company will be in control of bondholders – and so making his position tenuous.
"I'm not guaranteed a job going forward and I have to satisfy my new owners that indeed we're the right people for the job," he said.
(GMcG)
According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp. Discussions with Philip Jansen are said to be at an advanced stage, although he was not available for comment on the matter.
Mr Jansen is known as a steady hand in the industry and his reputation for assured business nous derives mainly from his restructuring programme at Telewest which has seen the troubled cable company cut costs and begin to turn around its £5.3 billion debt mountain.
Should Broadbent persuade Jansen to take up the challenge, it will add fuel to suggestions that NTL and Telewest will consider merger proposals. Executives at both companies are said to be largely in favour of such a move and, by backing Jansen, bondholders will be widely interpreted as consenting to merger talks as Jansen is viewed as chief advocate for the companies combining their efforts.
Barclay Knapp's fate has been in the hands of bondholders since they gained majority control of NTL following the company's record $10.6 billion debt-for-equity swap to maintain solvency.
But for US investors, who saw their influence diluted during NTL's financial turmoil and the restructuring process, they sought legal recourse for grievances and are pursuing a class action lawsuit against bosses for disseminating misleading information on the company.
Mr Knapp has acknowledged that, should NTL emerge from its Chapter 11 protection, the company will be in control of bondholders – and so making his position tenuous.
"I'm not guaranteed a job going forward and I have to satisfy my new owners that indeed we're the right people for the job," he said.
(GMcG)
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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.
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.
10 June 2002
NTL reveals 'improved' digital package
NTL, one of the UK’s leading broadband services company, have unveiled plans for a significantly improved digital TV product with over 25 new TV channels, 17 new radio channels as well as new look Interactive and EPG services, with more features and enhanced functionality.
NTL reveals 'improved' digital package
NTL, one of the UK’s leading broadband services company, have unveiled plans for a significantly improved digital TV product with over 25 new TV channels, 17 new radio channels as well as new look Interactive and EPG services, with more features and enhanced functionality.
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.