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08/04/2002
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. A debt-for-equity swap became more likely last Friday when potential buyer Liberty Media pulled out of talks with the company.
While NTL is expected to make an announcement on the package before the end of this week, the deal is likely to give bondholders a stake of at least 95 per cent in the company. NTL have been in talks with creditors as it tries to draw up a rescue plan in the face of debts of around £12 billion.
At April 1, bondholders agreed to allow NTL to withhold £66 million in interest that was due on Monday April 8 to give the company more time to come up with a rescue plan.
The cable company had warned that it might run out of money before it could complete its debt restructuring.
(MB)
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. A debt-for-equity swap became more likely last Friday when potential buyer Liberty Media pulled out of talks with the company.
While NTL is expected to make an announcement on the package before the end of this week, the deal is likely to give bondholders a stake of at least 95 per cent in the company. NTL have been in talks with creditors as it tries to draw up a rescue plan in the face of debts of around £12 billion.
At April 1, bondholders agreed to allow NTL to withhold £66 million in interest that was due on Monday April 8 to give the company more time to come up with a rescue plan.
The cable company had warned that it might run out of money before it could complete its debt restructuring.
(MB)
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02 April 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.
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.
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.
04 July 2001
NTL APPOINTS MD FOR NI CONSUMER BUSINESS
NTL have appointed Ian Jeffers as managing director of consumer business in Northern Ireland, Scotland and Wales. Mr Jeffers, who is NTL’s Director Broadband Implementation, is currently co-ordinating the company’s broadband activity, takes up his position as managing director of NTL’s consumer business in Northern Ireland this month.
NTL APPOINTS MD FOR NI CONSUMER BUSINESS
NTL have appointed Ian Jeffers as managing director of consumer business in Northern Ireland, Scotland and Wales. Mr Jeffers, who is NTL’s Director Broadband Implementation, is currently co-ordinating the company’s broadband activity, takes up his position as managing director of NTL’s consumer business in Northern Ireland this month.
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.
24 June 2002
Bondholders may have NTL chief replaced
Barclay Knapp's reign at NTL could soon be over as bondholders are reported to have called in a top corporate headhunter to garner a replacement CEO at the troubled cable company. According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp.
Bondholders may have NTL chief replaced
Barclay Knapp's reign at NTL could soon be over as bondholders are reported to have called in a top corporate headhunter to garner a replacement CEO at the troubled cable company. According to a report in The Sunday Telegraph, Miles Broadbent has been talking to a former executive at NTL's main rival Telewest to succeed Mr Knapp.
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