NTL pushes ahead with debt swap
PrintGreen light given thumbs-up
Posted in Business, 3rd May 2002 09:15 GMT
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." ®
Buyer's Guide: ERP Systems
Hosted CRM Can Be Your Secret Weapon to Success!
Analyst Keynote: The Register Agile Data Center Summit
Checklist: Midmarket ERP Solutions
Automating the Acquisition Process with Enterprise Level CRM
Dirty, dirty PCs: The X-rated picture guide
Top 500 supers - rise of the Linux quad-cores
Early adopters bloodied by Ubuntu's Karmic Koala
Sign up, sign up for The Register IT security newsletter