It has also been reported that Barclay Knapp, CEO of the Nasdaq-listed UK cable operator, is to lose control of the company. According to The Business, Knapp will be forced to hand over 51% of the company to any buyer who comes in to bail the company out.
A number of companies have emerged as potential investors in recent weeks, including AOL Time Warner and John Malone's Liberty Media, which already owns 25% of rival UK cable company Telewest.
Although weighed down by debt, NTL is still seen as an attractive investment because it has 3.3m cable customers in the UK.
However, it is thought that no investor will come in to rescue NTL without the promise of a controlling interest.
NTL has already appointed Credit Suisse First Boston to help it restructure its debts and the company has said it will issue "market guidance" on likely future performance and business plans.
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