ntl ended last week by exiting from the Chapter 11 bankruptcy protection it entered to enable it to carry out a massive debt restructuring. The cable operator has confirmed its restructuring plan has now been completed - a move hailed by its CEO, Barclay Knapp, as a "new beginning" for ntl.

Speaking on Friday, Knapp said: "Today's announcement marks a new beginning for the Company and is a tribute to the tremendous cooperation of our creditors and their confidence in NTL. Working with our creditors, we have successfully completed our recapitalization and have significantly reduced our debt.

"Operationally, despite being in US Chapter 11 and a challenging business environment, NTL has made steady progress during 2002, improving our products and services, reducing our churn rate and generating three consecutive quarters of positive operating cash flow. Our strategy going forward is to focus on delivering profitable growth and returning to service excellence."

ntl therefore starts 2003 as two separate companies - ntl Incorporated, comprising the company's UK and Ireland operations; and ntl Europe, Inc., which contains ntl's European cable operations and "other minority investments and interests." The common stock will be traded on the NASDAQ system from this Monday (January 13), with ntl Incorporated's symbol being NTLI, and ntl Europe, Inc.'s symbol being NLTIW. Shares of common stock in pre-restructured ntl - "Old NTL" - which traded under the symbol NTLDQ, have been cancelled.

Under the terms of the debt-for-equity swap, ntl's bondholders received all the initial equity of ntl Inc., and around 86.5% of the initial equity of ntl Europe Inc. Stockholders both preferred and common, of old ntl, received equity rights valued at around $10.5bn. This group includes France Telecom - the package entitles them to purchase new shares of common stock in the restructured ntl for eight-year warrant durations at prescribed prices, although ntl reports "only a limited number of stockholders and bondholders exercised these rights."