Cable giant NTL filed for bankruptcy protection in the US yesterday evening as it pressed on with its recovery plans.
NTL will now work with its bondholders and banks on a financial restructuring plan aimed at slashing its $23 billion debt burden.
NTL has about 370,000 customers in Ireland, but said none of its European operations or customers would be affected by yesterday's move.
The company hopes to emerge later this year as two separate businesses, one focused on the UK and Ireland and the other on Europe. The Chapter 11 filing was trailed by the company last week when it announced its banks had approved its restructuring plans.
An acquisition spree at the height of the tech boom has seen NTL's debts spiral despite its subscriber growth.
The financial crisis has led to speculation that rival Telewest may be forced to endure a similar restructuring. Telewest firmly denied this last week but said it was cutting 1,500 jobs to reduce costs and capital expenditure.
