NTL to Shed More Staff

27 July 2001

Having already let go of 2,300 staff this year, leading British cable operator NTL will cut a further 5,000 jobs over the next two years.

The total cuts over the three-year period will amount to around one-third of the cash-strapped company’s workforce.

The announcement comes despite a strong Q2 showing, with EBITDA (earnings before interest, taxes, depreciation and amortization) rising from £59.2m to £115.2m.

NTL has debts totalling £10.9 billion ($15.6bn), and is expected to get through £1.6bn of its cash supply and banking facilities of £1.8bn before its break-even target of 2003.

News source: Financial Times