NTL to emerge from Chapter 11 in October

Green light from US bankruptcy court

By Tim Richardson • Get more from this author

Posted in Business, 6th September 2002 10:23 GMT

Free whitepaper – Enabling Datacenter and Cloud Service Management for Mid-Tier Enterprises

NTL is expected to emerge from Chapter 11 protection next month after receiving the thumbs up from a US bankruptcy Court.

Almost four months after filing for Chapter 11 after being faced with a $10.bn debt mountain, NTL is within weeks of beginning a new life as two separate groups, NTL Europe and NTL UK and Ireland. While there are still some outstanding issues that need to be addressed the cableco remains confident of moving ahead.

In a statement NTL President and CEO Barclay Knapp said: "We are extremely pleased to be emerging from these cases so quickly.

"The support we have received from our various stakeholders has allowed us to move through this process without significant interruption to our business. We believe we have taken the steps needed to solidify NTL's financial position for the future."

It was also confirmed that Mr Knapp will become president and CEO of NTL UK and Ireland once the company emerges from Chapter 11. ®