If only all creditors were this understanding
Published: 2 April 2002 08:00 GMT
NTL failed to repay around $100m it owes on debts of $1.3bn yesterday - but as the move was at the request of its bondholders, there is hope that the company is close to agreeing a restructure which satisfies its creditors.
The company claimed that an unofficial committee of bondholders, which represents around half of NTL's $11bn of bonds, requested that the $100m interest payments not be made on 1 April as scheduled, according to today's Daily Telegraph.
The paper says that the bondholders may be willing to leave their cash in the business to help its survival and are optimistic that an acceptable debt restructuring process can be completed.
NTL's shares were suspended pending removal from the New York Stock Exchange on Thursday as their value fell below the minimum allowed by the exchange.
A final decision on the repayments must be made within 30 days.
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