Creditors Take a Knapp
In the current economic climate, as the telecom industry struggles on an almost daily basis for credibility and acceptance from the rest of the business world, the following paragraphs from a statement released today speak for themselves:
"NTL Inc. [Nasdaq Europe: NTLI] confirmed today that NTL’s restructuring plan, with the support of the committee of its creditors, will provide for the continuation of Barclay Knapp and his management to lead the newly formed NTL companies after emergence from the U.S. Chapter 11 cases.
"Brad Eric Scheler, counsel to the creditors’ committee and a senior partner with Fried Frank Harris Shriver & Jacobson, commented: 'During this process we have been working closely with Barclay Knapp and know him well. His determination to ensure that NTL continues to prosper and grow is evident in everything he does and we are confident that he is the right man to lead the company going forward. NTL's management team has performed admirably throughout this difficult process, and we believe they will deliver great things for NTL's future.'
"The continuation of Mr. Knapp and the management team will be included as an integral part of NTL’s joint reorganisation plan, and will therefore be dependent upon overall approval of the plan pursuant to its terms."
An interesting decision.
— Ray Le Maistre, European Editor, Unstrung