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NTL's Knapp keeps his job

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Barclay Knapp has pulled off a shock surprise and retained his place at the head of UK cableco NTL.

Weekend press reports named Philip Jansen, a former executive at Telewest, as being lined up to replace Knapp following speculation that NTL's CEO would be forced out as part of a deal to rescue the cableco, which filed for Chapter 11 bankruptcy protection in May, with debts of $10.6 billion (£6 billion).

But in a statement this afternoon, NTL confirmed that Knapp and his team would head the restructured company once it emerged from Chapter 11.

In a statement Brad Eric Scheler, of NTL's creditors' committee said: "During this process we have been working closely with Barclay Knapp and know him well.

"His determination to ensure that NTL continues to prosper and grow is evident in everything he does and we are confident that he is the right man to lead the
company going forward.

"NTL's management team has performed admirably throughout this difficult process, and we believe they will deliver great things for NTL's future." ®

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