The restructuring would be part of a deal with banks and bondholders, which are threatening to call in debts that would force the company into bankruptcy.
Banks and bondholders are drawing up a series of financial covenants that NTL must adhere to, effectively placing the company under their control.
NTL's current share price values the company at around £124.1m, a fraction of its debt mountain, £4.1bn of which is owed to banks alone.
NTL had been hoping to sell its broadcast transmission business for at least £1.6bn. However, its failure to sell it has left NTL with little choice but to cut capital expenditure.
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