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08/04/2002
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. A debt-for-equity swap became more likely last Friday when potential buyer Liberty Media pulled out of talks with the company.
While NTL is expected to make an announcement on the package before the end of this week, the deal is likely to give bondholders a stake of at least 95 per cent in the company. NTL have been in talks with creditors as it tries to draw up a rescue plan in the face of debts of around £12 billion.
At April 1, bondholders agreed to allow NTL to withhold £66 million in interest that was due on Monday April 8 to give the company more time to come up with a rescue plan.
The cable company had warned that it might run out of money before it could complete its debt restructuring.
(MB)
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. A debt-for-equity swap became more likely last Friday when potential buyer Liberty Media pulled out of talks with the company.
While NTL is expected to make an announcement on the package before the end of this week, the deal is likely to give bondholders a stake of at least 95 per cent in the company. NTL have been in talks with creditors as it tries to draw up a rescue plan in the face of debts of around £12 billion.
At April 1, bondholders agreed to allow NTL to withhold £66 million in interest that was due on Monday April 8 to give the company more time to come up with a rescue plan.
The cable company had warned that it might run out of money before it could complete its debt restructuring.
(MB)
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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.
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.
24 June 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.
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.
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.
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.
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