KPMG in line for NTL pay-out
KPMG is in line for a share of the expected fee bonanza following the restructuring of NTL, the cash-strapped cable company.
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.