NTL Buys Time With Early Call on $545m Loan

21 February 2002

The fast-ebbing cash resources of debt-beset UK cable operator NTL are to be shored-up with a $545 million (£382.5m; €626.6m) credit line from its bankers.

The move comes as US-owned NTL, Britain's largest cable operator, is engaged in highly complicated restructuring negotiations with its banks and other interested parties including Liberty Media and rival Telewest. These labyrinthine talks could last for up to ten months, insiders say.

Meantime, according to analysts, the latest injection of cash will confer greater operational flexibility on NTL as its restructuring terms are hammered out. It will also help to still the twitches of the cable group’s increasingly jumpy band of suppliers and partners.

Data sourced from: MediaGuardian.co.uk; additional content by WARC staff