NTL Inc. said Tuesday that it has been notified by the New York Stock
Exchange that it has fallen below the minimum requirements for continued listing
regarding its minimum share price.
NTL -- which has been under fire for months regarding its ability to pay its
$17.5 billion debt -- said late last month that it had hired Credit Suisse First
Boston, J.P. Morgan Chase & Co. and Morgan Stanley Dean Witter & Co. to
investigate ways to reduce its debt.
According to NYSE requirements, listed stocks must maintain a minimum
$1-per-share price for 30 consecutive days to continue to be listed on the 'Big
NTL stock closed at 38 cents per share Feb. 4. In the past 30 days, it has
traded in the range of 98 cents per share to 38 cents.
According to NYSE rules, the exchange can grant a company up to six months to
comply with the listing rules. NTL said in a press release that it has requested
that the time period be granted.
NTL, based in New York, has about 5 million cable-television and telephony
subscribers in the United Kingdom.