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NTL to miss debt reduction deadline

Telewest close to finalizing own debt-for-equity swap

LONDON — Financially challenged U.K. cable operator NTL confirmed Friday that it is likely to miss its mid-December deadline to complete its debt-for-equity swap, which aims to reduce its £12 billion ($19 billion) debt by $11 billion.

The company said it plans to complete final terms with banks and bondholders “in the very near future.”

Cable rival Telewest, Blighty’s second largest operator, also announced Friday that it is close to finalising its own debt-for-equity swap to cut its debt $8.3 billion debt by $5.5 billion.

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