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.
Geoengineering on the sea floor near glaciers would form a new ice shelf to prevent melting
Alterations in capillary blood flow can be caused by body position change
Curiosity rover is in 'normal mode' but not transmitting scientific data back to base
NatWest outage comes a day after Barclays' IT systems shut out customers and staff