Beleaguered cable company NTL and France Telecom are holding talks with interested parties to help bring in new investment to sort out the debt-laden company's finances.
Both firms have been meeting with AOL Time Warner, Liberty Media, Microsoft and Vivendi Universal over the company's future. France Telecom owns 18 per cent of NTL and is keen to find new investors once NTL's £11.8bn ($17bn) debt has been restructured.
The talks, being held in parallel, began late last year. A decision to bring any of the companies in as an investor is still two to three months away.
NTL is expected to make further cuts in capital and operational expenditure as part of its revised business plan. Next month the company has to shell out £93.4m ($134m) in bond interest payments.
Among the interested parties involved, Liberty has staged a similar rescue on Dutch cable company UPC, and AOL Time Warner has been expected for some time to start making acquisitions in cable companies across Europe.
Any new investor could expect to pay £1.75bn ($2.5bn) for control of NTL, according to analysts.
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