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NTL quits Chapter 11
NTL has finally - finally - emerged from Chapter 11 bankruptcy protection.
The UK cableco has been split into two and now consists of NTL Incorporated (formerly known as NTL Communications Corp and made up of NTL's UK and Ireland businesses) and NTL Europe (which includes the company's European operation and other minority investments and interests).
As part of the restructuring, around $10.9 billion in debt has been converted into equity in the two reorganised companies.
Said NTL chief exec Barclay Knapp: "Today's announcement marks a new beginning for the company and is a tribute to the tremendous cooperation of our creditors and their confidence in NTL."
NTL was due to exit Chapter 11 at the end of November 2002 although this was delayed until now. The company kicked off its debt restructuring back in April 2002. ®