KPMG in line for NTL pay-out

As the company moved closer to securing one of the largest corporate restructurings, it emerged City advisers, including KPMG, could get a £500m pay-out.

This would be one of the largest pay-outs the City has received – others set to benefit include Credit Suisse First Boston, JP Morgan, Morgan Stanley and law firms Travers Smith Braithwaite and Clifford Chance.

Yesterday NTL agreed a $10.6bn (£7.3bn) debt-for-equity swap with bondholders, but the deal still needs to be agreed to by the company’s bank lenders and minority bondholders.

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