New beginning for debt-hit NTL

NTL says it is setting out on a "new beginning" after the company successfully emerged from Chapter 11 bankruptcy protection.

The company completed its life-saving financial overhaul when lenders agreed to swap £6.8bn (€10.3bn) in debt for shares and bonds.

The US parent of NTL filed for Chapter 11 in May after debts spiralled on the back of a spending spree made at the height of the tech boom.

Under the restructuring proposals, NTL will be split into NTL Incorporated, featuring its UK and Ireland business, and NTL Europe.

Rival operator Telewest is also in the latter stages of the same process and it is thought the pair could pursue a tie-up once their futures are secure.