May 9, 2002 : NTL Files for Bankruptcy
📅 - British Cable and Internet services firm NTL (ntl.com) said yesterday it had filed for Chapter 11 bankruptcy protection as part of a pre-arranged re-organization plan.
NTL, which operates in Europe but maintains its headquarters based in New York, said neither its operating companies nor customers in the UK, Ireland or continental Europe would be affected by the filing. "Trade creditors, suppliers and employees will continue to be paid in the ordinary course of business," the company said in a release.
Under the company's re-organization plan, approximately $10.6 billion in debt will be converted to equity in two reorganized companies - NTL UK and Ireland, and NTL Euroco. The company also said it had received a commitment of up to $500 million in new financing during the recapitalization process from certain members of its bondholder group. "This new financing will further ensure that the Company and its business operations have access to sufficient liquidity to continue ordinary operations," NTL said.
NTL offers a wide range of communications services to homes and businesses throughout Europe, including digital television and broadband Internet services.
NTL, which operates in Europe but maintains its headquarters based in New York, said neither its operating companies nor customers in the UK, Ireland or continental Europe would be affected by the filing. "Trade creditors, suppliers and employees will continue to be paid in the ordinary course of business," the company said in a release.
Under the company's re-organization plan, approximately $10.6 billion in debt will be converted to equity in two reorganized companies - NTL UK and Ireland, and NTL Euroco. The company also said it had received a commitment of up to $500 million in new financing during the recapitalization process from certain members of its bondholder group. "This new financing will further ensure that the Company and its business operations have access to sufficient liquidity to continue ordinary operations," NTL said.
NTL offers a wide range of communications services to homes and businesses throughout Europe, including digital television and broadband Internet services.
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