NTL appoints new nine-member board

A strong British element has been included in the new board of the cable company NTL, with the appointments of David Elstein, the former Channel 5 boss, and Duncan Lewis, the former head of Mercury.

The pair are part of a nine-member-strong board that will lead NTL out of Chapter 11 bankruptcy protection next month. Barclay Knapp, the company's chief executive who presided over its downfall, will remain at the helm. A chairman has yet to be appointed.

NTL, which had its financial restructuring approved by a US court two days ago, said an extra two directors could also be appointed, boosting the board to 11.

The company named the five other members of its board as Jeffrey Benjamin, James Bolin, William Huff, George Zoffinger and Edwin Banks.

As part of NTL's restructuring, that will see bondholders seize control of the company by converting some $10.6bn (£6.8bn) of debt into equity, NTL will be split in two.

Under the terms of the highly complex deal, NTL's bondholders will own all of NTL UK and Ireland and about 86.5 per cent of the European operation, NTL Euroco. The European operation will have a three-member board.

NTL hopes to have its shares listed on New York Stock Exchange again by October while a secondary listing of shares in London is expected next year.