NTL moves on restructuring


The restructuring of cable company NTL’s £11.8 billion debt is underway with bondholders signing agreements under which they will cease trading bonds in return for privileged information. A debt/equity swap is expected, although terms have yet to be finalised.

Anton Simon, chief investment officer at New Flag Asset Management, says that the debt/equity swap will set the stage for a capital infusion of around $1 billion from Liberty Media and the eventual merger of NTL and Telewest, in which L

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