NTL

Hook, U.K.

Revenue: $3.7 billion

Loss: $15.9 billion

NTL, the Nasdaq-listed U.K. cabler, is in Chapter 11 bankruptcy protection while it wraps a $10.9 billion debt-for-equity swap intended to put the company’s operations back on sustainable footing.

Despite showing fair progress in operating figures, NTL was in imminent danger of being crushed by interest payments on its $17 billion debt burden. But in April, it persuaded its bond holders to accept ownership of the company in return for canceling over $10 billion in debt.

The deal will reduce interest payments by $850 million a year, and bring a cash injection of $500 million from bond holders. Existing shareholders, led by France Telecom’s 18%, will have the right to buy up to 32.5% of the overhauled group.

NTL is refocusing on its U.K. and Irish operations. Swiss subsid Cablecom is up for sale, and its minority stake in French cabler Noos may be sold to France Telecom.

Chief exec Barclay Knapp is still overseeing the restructuring, although it is unclear whether he will survive beyond September or October once the process is complete.

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