NTL, the British cable company that is restructuring $17B in debt, is close to a deal that would have bondholders take control of the company. ... NTL, which is incorporated in New York with most of its operations in Britain, is expected to file for Chapter 11 bankruptcy protection. ... Last week, NTL missed a $96 million interest payment ... NTL has a 30-day grace period in which to decide whether or not to make the interest payment.

Bondholders Set to Take Over NTL