US-owned NTL, Britain’s biggest cable operator, has at long last emerged from bankruptcy protection after agreeing with its creditors to swap $10.9 billion ($17.5bn; €16.6bn) of debt for new equity and bonds.
The complex restructuring package was approved by a bankruptcy court in the US, where the firm is listed.
Under the scheme, NTL splits into two new companies: NTL Incorporated, which takes over its UK and Ireland operations, and NTL Europe.
The company was expected to complete its restructuring by November, but the process dragged into the new year as it hammered out the details with creditors [WAMN: 30-Dec-02].
Data sourced from: BBC Online Business News (UK); additional content by WARC staff