NTL set to emerge from restructuring
Cable company NTL said it is nearer to coming out of Chapter 11 bankruptcy protection as its restructuring of its finances nears completion.
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.’