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US Court Okays Bail-Out of Brit Cable Network NTL

News, 06 September 2002

NTL, the US cable network that is listed in New York but operates primarily in Great Britain, uncrossed its fingers on Thursday when a Manhattan bankruptcy court agreed to a $10.6 billion (€10.69bn; £6.76bn) refinancing.

The decision, which surprised no-one, is the first step in the group’s emergence from Chapter 11 bankruptcy, scheduled for October when it will bifurcate into two separate companies.

NTL, which has amassed over $20 billion in debts, is currently in the throes of a debt-for-equity swap.

Data sourced from: Times Online (UK); additional content by WARC staff