NTL announced two weeks ago that it had reached an agreement with bondholders to swap about 拢7.4bn of its debt into shares, giving bondholders a larger share in the company.
The company is now set to file for Chapter 11 bankruptcy protection in the US, where the company is headquartered.
Bondholders will provide around 拢350m to the company's operations in the UK and Ireland to keep it running during the Chapter 11 process and immediately afterwards.
Under the restructuring plan, NTL will split into two separate companies -- NTL UK and Ireland, and NTL Euroco, which will hold NTL's assets in continental Europe.
NTL chief executive Barclay Knapp said: "We are very pleased that the company and all representative groups have reached an agreement in principle on an extremely complex recapitalisation in record time."
He added: "The agreement in principle contemplates that the filings will occur by May 6. None of NTL's operating companies will be affected."
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