The restructuring involves the group becoming two business, NTL UK and Ireland and NTL Euroco, with nearly $11bn (£7.5bn) of debt converted to equity in return for allowing creditors to take control of the company.
NTL’s US parent sought Chapter 11 protection earlier this year, giving it time to sort out finances with banks and financial institutions.
But the group is still settling with bondholders over $630m (£410m) in funding which it took to tide it over while in Chapter 11. NTL chief Barclay Knapp said the group was on course to exit bankruptcy protection by the end of the month.
‘We’ve all but buttoned up the final terms,’ he told The Scotsman. ‘The sticking points behind the negotiations were that the terms were very general and there was some pushing and pulling on some of that.
‘But we’re confident we’ve got the best deal going forward.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies