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NTL struggles to scale debt mountain

Discusses big debt deal today...

By Ben King

Published: 17 December 2001 10:45 GMT

The board of NTL meets today in a desperate bid to resolve the company's dire financial situation.

Earlier this month, investment bank Goldman Sachs reported that the company would run out of money halfway through 2002.

Shareholders meeting in New York today are expected to be asked to write off $6bn (£4.1bn) of NTL's $17bn debt mountain and the cable operator will move to cut expenditure to keep the company afloat.

The company has already cut 2,000 jobs and put a freeze on executive pay and other cost-cutting measures are almost certainly in the pipeline.

Other alternatives for raising more cash, such as the sale of Swiss subsidiary Cablecom are also on the table, according to the Financial Times.

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