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02/04/2002
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.
NTL now has a 30-day “period of grace” in which to make a final decision on whether to make the payment.
The company on Monday said it had the funds to meet the interest obligations and continue trading but had decided to withhold the payment at the request of the company’s more sympathetic bondholders.
It said the request came from an unofficial committee of bondholders who indicated they were representing the holders of about 50 per cent of NTL and its subsidiaries' bonds.
If NTL fails to make the payment within the 30 days, it will formally default on its debt - a move that is widely expected to pave the way for bondholders to swap their debt for a controlling shareholding in the company.
NTL ran up its massive debts after a rapid expansion programme in which it built cable networks and bought up other cable companies operating in the UK.
Reports that the company was heading for trouble with its finances surfaced last year, and in February this year NTL announced it appointed advisers to lead a complex restructuring of its debts.
(AMcE)
The move affords temporary relief to the UK's biggest cable company, which is currently operating with debts totalling £12 billion.
NTL now has a 30-day “period of grace” in which to make a final decision on whether to make the payment.
The company on Monday said it had the funds to meet the interest obligations and continue trading but had decided to withhold the payment at the request of the company’s more sympathetic bondholders.
It said the request came from an unofficial committee of bondholders who indicated they were representing the holders of about 50 per cent of NTL and its subsidiaries' bonds.
If NTL fails to make the payment within the 30 days, it will formally default on its debt - a move that is widely expected to pave the way for bondholders to swap their debt for a controlling shareholding in the company.
NTL ran up its massive debts after a rapid expansion programme in which it built cable networks and bought up other cable companies operating in the UK.
Reports that the company was heading for trouble with its finances surfaced last year, and in February this year NTL announced it appointed advisers to lead a complex restructuring of its debts.
(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.
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.
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.
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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