The Register® — Biting the hand that feeds IT

NTL pushes ahead with debt swap

Green light given thumbs-up

Free whitepaper – Dell/EMC CX4 and Dell PowerEdge blades

Bankers have given NTL the thumbs-up to go ahead with plans designed to rescue the indebted cableco.

Around $10.6 billion in debt will be transferred into equity and the company split in two. Plans for the rescue were released earlier this month but needed the green light from the company's banks. That approval has now been given. NTL expects to complete the debt-for-equity swap later this summer.

No doubt looking to calm fears in light of the recent collapse of UK digital TV broadcaster ITV Digital, NTL has stressed that it's business as usual and NTL's operations will continue uninterrupted with customer services unaffected.

Said president and CEO Barclay Knapp: "We are very pleased that the company and all representative groups have reached an agreement in principal on an extremely complex recapitalization in record time.

"We now expect to emerge late this summer with a strong balance sheet and committed funding which is more than adequate to meet our business plan and any contingencies.

"Finally, we will emerge a much stronger competitor, having put in place not only a new balance sheet, but also a clearer and tighter operational focus as a result of these events." ®

Related Story

NTL to file for Chapter 11, split in twain

Free whitepaper – PowerEdge energy Smart brochure

Don’t Miss

DustbinDirty, dirty PCs: The X-rated picture guide

Ventblockers Horror beyond human imagination

SC09Top 500 supers - rise of the Linux quad-cores

SC09 Jaguar munches Roadrunner

Ubuntu teaser Early adopters bloodied by Ubuntu's Karmic Koala

Smooth Windows upgrade it ain't

Sign up, sign up for The Register IT security newsletter

Narrowcasting for the email classes