NTL, the British cable company, reported a $12.8 billion loss today for the fourth quarter, and said that there was no guarantee that it would be able to renegotiate its debts before running out of cash.

... acquisitions have left NTL with $17B in debt ... but NTL has written down the value of those acquisitions ... service growth has fallen off ... growth has been anemic, and in 4Q01 subscriptions actually fell ... profitability is years away ...

NTL warned that "there can be no assurance that we will successfully complete a recapitalization or financing in a timely manner in order to sustain the company's operations." ... without some debt relief, NTL would use up its cash by mid-August ... "There is a certain sense of urgency." ...

If it cannot reach a deal, NTL would probably have to file for bankruptcy protection.

NTL lost $16 billion in 2001, including an $11.6 billion special charge.