NTL Expects Agreement Among All Parties to Exit Chapter 11
New York, November 29, 2002 - NTL Incorporated (OTC BB: NTLDQ; NASDAQ Europe:
NTLI) announced today that it expects that it will reach agreement in
principle on the final terms of the various arrangements necessary for NTL to
consummate its plan of reorganization with the providers of the exit facility
and the steering committee of the banks in the very near future. In the light
of this agreement, the DIP facility has been extended.
All parties expect the effective date to occur in the very near future.
-End-
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995:
Certain statements contained herein constitute forward- looking statements as
that term is defined under the Private Securities Litigation Reform Act of
1995. When used herein, the words, believe, will, expects and similar
expressions identify such forward looking statements. Such forward-looking
statements involve known and unknown risks (including but not limited to the
risks described in the Company's annual report on Form 10- K for the year
ended December 31, 2001 and the Quarterly Report on Form 10-Q for the period
ended March 31, 2002), uncertainties and other factors that may cause the
actual results, performance or achievements of the Company, or industry
results, to be materially different from those contemplated, projected,
forecasted, estimated or budgeted, whether expressed or implied, by such
forward looking statements. We assume no obligation to update the
forward-looking statements contained herein to reflect actual results, changes
in assumptions or changes in factors affecting such statements.
Copies of a prospectus under the UK Public Offers of Securities Regulations
1995 in relation to the proposed issue of shares of common stock and warrants
by NTL UK and Ireland under the plan of reorganization will be published in
due course and will be available following publication free of charge at NTL's
offices at Bartley Wood Business Park, Hook, Hampshire RG27 9UP, UK, during
normal business hours on any weekday (excluding Saturdays and public holidays)
for so long as the rights offering comprised in the plan remains open for
acceptance.
CONTACTS:
US: UK:
Media - Media -
Brunswick Group Alison Kirkwood
Steve Lipin 44-1256-752662
212-333-3810 44-7788-186154
917-853-0848 Buchanan Communications
or Richard Oldworth
Analysts - 44-207-466-5000
Tamar Gerber or
212-906-8451 Analysts -
Virginia Ramsden
44-207-746-6826