US-owned NTL, the leading cable operator in the UK, looks set to remain in bankruptcy protection into the new year as negotiations with its creditors continue.
The group filed for Chapter 11 earlier this year as part of a complex $10.6 billion (€10.2bn; £6.6bn) debt-for-equity restructuring scheme [WAMN: 10-May-02], but was expected to emerge by the end of November.
When that date passed, the cable company insisted it would reach “final agreement” with the various parties concerned with the restructuring in the “very near future” – taken by analysts to mean before the end of 2002.
However, NTL is still locked in talks with creditors, who have reportedly asked for its business plan to be revised. Insiders at the cable firm insist that only minor details need to be ironed out and that an agreement should be reached in January.
Data sourced from: The Times (London); additional content by WARC staff