NTL announces executive bonus scheme

NEWS NTL, which filed for Chapter 11 bankruptcy protection late last week and is currently more than $10bn in debt, has announced a multi-million dollar executive bonus scheme. The company's restructuring plan will see it embark on a debt for equity swap (for more see: http://www.silicon.com/a53206 ) - which will include freeing up 10 per cent of equity for the creation of an employee share option scheme. However, share holders who have seen the value of their investment dwindle to next to nothing, will be unimpressed with these plans to reward those at the helm of a company which fell so dramatically into ruin. Their anger will not be placated by news that the lion's share of the equity is earmarked for controversial CEO Barclay Knapp.