NTL Inc. said company, steering committee of its lending banks an...
NTL Inc. said company, steering committee of its lending banks and unofficial committee of its public bondholders had reached agreement on implementing recapitalization plan announced last month (CD April 17 p7). Under plan, $10.6 billion in debt would be…
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converted to equity of 2 new companies -- NTL U.K. and Ireland, which would hold its main assets in U.K. and Ireland, and NTL Euroco, holding most of its assets on Continent. Plan contemplates receiving $500 million from some members of unofficial committee of bondholders for NTL’s operations in U.K. and Ireland. Separately, steering committee for banking syndicate for Cablecom, NTL’s Swiss cable subsidiary, implemented plan for continued funding of Cablecom. Next step, company said, was for it and certain of its U.S. and U.K. holding companies that had issued publicly traded bonds to file prearranged Chapter 11 bankruptcy cases under U.S. law. Company said that filings were expected May 6 and that none of NTL’s operating companies would be affected.