NTL Emerges from Chapter 11 -- $11 Billion in Debt Converted to New Equity

NTL, a leading cable operator in the UK, completed it financial recapitalization plan and emerged from Chapter 11 proceedings. NTL and its subsidiaries have been reorganized into two separate companies: NTL Incorporated (comprising the UK and Ireland businesses) and NTL Europe (including all assets in continental Europe as well as other minority investments and interests). Approximately $10.9 billion in debt has been converted into equity in the two reorganized companies. In conjunction with the emergence from Chapter 11, the company and certain of its subsidiaries issued $558 million aggregate principal face amount of 19% Senior Secured Notes due 2010. Initial purchasers of the notes also purchased 500,000 shares of Common Stock on the Effective Date. The gross proceeds from the notes and such shares totaled $500 million.
http://www.ntl.com/mediacentre/press/display.asp?id=601