NTL is to file for Chapter 11 bankruptcy protection on 6 May. The company has gained approval from banks to hand control over to bondholders in the biggest ever corporate bond default.
Bondholders will receive most of the shares in return for $10.6bn in bonds, a move cutting NTL's annual interest by more than $800m.
Under a new strategy NTL will split into two units, listing shares in either New York or London.
At the end of the third quarter, the UK and Ireland unit will have $5.8bn of debt, but bondholders will provide a $500m loan to keep the UK and Ireland operation going.
NTL amassed debt worth $17.5bn after chief executive Barclay Knapp went on a spending spree that included the $11.8bn purchase of Cable & Wireless' TV assets.
The company ran into trouble when sales of its TV, phone and internet services dropped below expectations.
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