By Tony Hallett, 16 April 2002 07:15
NEWS NTL is to sell back its stake in French cable company Noos to France Telecom.
Embattled NTL paid $625m for the unit last year, borrowing the funds to do so. However, now it looks likely that it wouldn't be able to meet a repayment deadline, so the French national carrier - itself an owner of 18.3 per cent of NTL - has agreed to buy back the stake.
Investment bank Morgan Stanley is the other owner of Noos.
Separately, France Telecom has written down to zero its investment in NTL, bought at the height of the telecoms bubble.
More on NTL and the Noos purchase:
Knapp to go in NTL rescue plans
http://www.silicon.com/a52663
NTL faces bondholder pressure
http://www.silicon.com/a52386
NTL: 'We may run out of cash'
http://www.silicon.com/a52314
NTL and Morgan Stanley buy French Noos
http://www.silicon.com/a39005
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