NTL Files for Bankruptcy Protection

10 May 2002

As expected under its debt-for-equity restructuring scheme, cable-TV group NTL (listed in the US but operating mainly in the UK) has filed for Chapter 11 bankruptcy protection.

NTL will take advantage of bankruptcy procedure to carry through its restructuring, whereby bonds worth $10.6 billion (€11.7bn; £7.3bn) will be converted into stakes in two units respectively housing its interests in Britain and the rest of Europe. Operations in these areas will not be affected.

Data sourced from: The Times (London); additional content by WARC staff