LONDON — U.K. cabler NTL has been given the green light to emerge from bankrupcy protection and complete restructuring its £12 billion ($18.8 billion) in debt by the United States Bankruptcy Court in New York.
NTL, Britain’s biggest cable operator with 2.8 million subscribers, is expected to finish restructuring next month, in the process halving its debt burden.
NTL chief exec Barclay Knapp will at least for the moment retain his position as head of the company he founded. NTL chairman George Blumenthal, however, is tipped to go.
It is anticipated that NTL will merge with Telewest after the U.K.’s other cabler completes restructuring its $8.3 billion debt.