NTL set to surpass Enron as biggest bond defaulter

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NTL is a month away from becoming the biggest corporate bond defaulter after skipping interest payme...

NTL is a month away from becoming the biggest corporate bond defaulter after skipping interest payments on $1.3bn of debt. The UK based cable-television company, which is currently seeking to persuade creditors to forsake some of the $17.5bn they are owed, would surpass Enron Corporation's $9.9bn default if it fails to make payments on $11.5bn of bonds. NTL, whose shareholders include France Telecom, Microsoft and Verizon Communications, last week withheld some $74.2m in interest at the request of bondholders, who own about half of the company's junk-rated debt. It has 30 days to make ...

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