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Industry: Email Alert RSS FeedNTL's share price soars as revenue projections are slashed.(NTL emerges from Chapter 11 bankruptcy)(Brief Article)
TV Meets the Web, January, 2003
TV MEETS THE WEB-(C)2003 Van Dusseldorp & Partners - http://www.vandusseldorp.com/
Cable operator NTL announced last week that it had emerged from Chapter 11 bankruptcy - but has since sliced 20 per cent off its income target.
Despite revising revenue targets from the levels set last February and holding a debt pile that totals around E6bn (GBP4bm), however, NTL still saw its share price rise 40 per cent when the company split into two units (one covering Europe, the other UK and Ireland) and relisted on the stock market.
Last week the company reached agreement with its existing bondholders for around E500mm of new funding, which will be rolled into new seven-year bonds.
The rise in NTL's stock represents a coup for the company that...
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