Embattled cable company NTL is playing its cards close to its chest with regards to its financial situation.
Burdened with a debt mountain of almost £12bn, the company is reported to have appointed investment bank Credit Suisse First Boston to help restructure its finances.
But Malcolm Padley, head of media relations at NTL, insisted that no such announcement had been made as of yet. "We said back in December that a meeting would be held in early 2002 to discuss the company's financial situation. As yet, no date has been set," he explained.
NTL is also expected to unveil a complete overhaul of its business plan.
Padley denied claims that the company is set to issue a profits warning. "We are still on target to meet or exceed targets released by the company at the end of last year," he said.
But a report in the Financial Times today claimed that analysts are predicting that NTL will be in breach of some of its banking covenants as early as April.
Although NTL has so far managed to meet all its financial forecasts and bond interest payments on time, analysts are still waiting for the 2002 earnings guidance report.
They are saying that, if the company falls short on earnings before interest, tax, depreciation and amortisation, it could be forced to repay loans to its creditors unless terms are renegotiated.
NTL and 18 per cent share holder France Telecom have been in talks recently with potential investors including AOL Time Warner, Liberty Media and Microsoft. The FT reported that a new investor could exchange cash for equity.
The heat will be on next month when the company will have to pay out several bond interest payments totalling nearly £78m.
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