Menu
18/04/2002
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. The recapitalisation would result in a conversion of approximately $10.6 billion in debt into equity.
During the recapitalisation process, NTL aim to maintain an uninterrupted service.
To facilitate the recapitalisation, certain members of the unofficial committee of bondholders would commit to provide up to $500 million of new financing to the company’s UK and Ireland operations. This new financing will ensure that the company’s business operations have access to sufficient liquidity to continue ordinary operations.
Commenting on the agreement in principle, the Company's President and CEO, Barclay Knapp, said: “The agreement in principle we are announcing is a major step towards our goal of ensuring the successful completion of the recapitalisation that NTL announced in January.
"We are currently working with all parties in our capital structure, including the company’s bank lenders, to finalize these arrangements.”
Under the agreement in principle, NTL would be split into two companies, one tentatively called NTL UK and Ireland, holding all of its UK and Ireland assets, and one tentatively called NTL Euroco, holding certain of its continental European and other assets.
The company’s current bondholders would in the aggregate receive 100 per cent of the initial equity of NTL UK and Ireland and approximately 86.5 per cent of the initial equity of NTL Euroco.
(MB)
The members of the committee hold in the aggregate over 50 per cent of the face value of NTL and its subsidiaries’ public bonds. The recapitalisation would result in a conversion of approximately $10.6 billion in debt into equity.
During the recapitalisation process, NTL aim to maintain an uninterrupted service.
To facilitate the recapitalisation, certain members of the unofficial committee of bondholders would commit to provide up to $500 million of new financing to the company’s UK and Ireland operations. This new financing will ensure that the company’s business operations have access to sufficient liquidity to continue ordinary operations.
Commenting on the agreement in principle, the Company's President and CEO, Barclay Knapp, said: “The agreement in principle we are announcing is a major step towards our goal of ensuring the successful completion of the recapitalisation that NTL announced in January.
"We are currently working with all parties in our capital structure, including the company’s bank lenders, to finalize these arrangements.”
Under the agreement in principle, NTL would be split into two companies, one tentatively called NTL UK and Ireland, holding all of its UK and Ireland assets, and one tentatively called NTL Euroco, holding certain of its continental European and other assets.
The company’s current bondholders would in the aggregate receive 100 per cent of the initial equity of NTL UK and Ireland and approximately 86.5 per cent of the initial equity of NTL Euroco.
(MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
02 November 2001
NTL joins with Orange for new mobile phone service
Leading broadband communications company, NTL has teamed up with mobile phone company Orange for the launch of a new mobile phone service. The new mobile phone service aims to compliment NTL Home’s existing portfolio of fixed line telephony, digital interactive TV, dial-up Internet and broadband internet services.
NTL joins with Orange for new mobile phone service
Leading broadband communications company, NTL has teamed up with mobile phone company Orange for the launch of a new mobile phone service. The new mobile phone service aims to compliment NTL Home’s existing portfolio of fixed line telephony, digital interactive TV, dial-up Internet and broadband internet services.
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.
17 December 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.
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.
17 July 2001
NTL SCRAP NI INVESTMENT PLANS
NTL is reported to have scrapped plans to proceed with a proposed £20 million investment in Northern Ireland. The US communications group announced plans two years ago to build a call centre in Belfast, creating almost 900 jobs by 2003.
NTL SCRAP NI INVESTMENT PLANS
NTL is reported to have scrapped plans to proceed with a proposed £20 million investment in Northern Ireland. The US communications group announced plans two years ago to build a call centre in Belfast, creating almost 900 jobs by 2003.
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.
-
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.
