- guardian.co.uk, Thursday April 11 2002 08.10 BST
NTL: its full-year net loss was £484.2m in 2004, down from £583.7m the previous year
NTL is coming under pressure to axe senior executives as it attempts to stave off corporate collapse.
Chief executive Barclay Knapp, chairman George Blumenthal and finance director John Gregg have all been criticised by shareholders and lenders for the way the loss-making cable company has built up debts of £12bn.
Investors and bankers are demanding changes at the top - assuming the complex process of restructuring NTL's finances is completed. Mr Gregg is one of the favourites to go, according to those close to the process. "You cannot emerge from a restructuring of this scale without heads rolling," said one person close to the talks.
A preliminary deal with bondholders that would lead to about 97% of equity shares being wiped out is expected to be announced within a week or so. It would be followed by a pre-agreed filing for Chapter 11 bankruptcy protection by the US holding company until final details of the deal can be thrashed out. Some bondholders are demanding better terms and may delay an agreement.
Mr Knapp, who has spoken of his "humility" and "regret" that NTL is struggling to pay the interest on its debts, has faced calls to go from several bondholders. However many in the industry believe he will emerge from the process unscathed.
Mr Blumenthal, who is based in New York and is a close associate of Mr Knapp, is seen as a more distant figure at NTL and would be a relatively easy sacrifice to placate bondholders, analysts believe.
Mr Gregg, who has won praise for his commitment to the refinancing talks from people close to the process, faces pressure because investors say NTL's finances were too complex and the company did not pay enough attention to controlling costs.
In the three months ending December NTL reported a $12.8bn loss.
