US cable firm NTL has confirmed it has appointed Credit Suisse First Boston, JP Morgan and Morgan Stanley to advise on how best to reduce its debt.
The statement was predicted by weekend press reports that described it as the biggest and most complicated debt restructuring in corporate history. NTL is struggling with more than $17 billion (€14.7 billion) of debt.
NTL chief executive Mr Barclay Knapp said: "Although we continue to perform well, we believe we need to proactively seek ways to strengthen our balance sheet and reduce our debt."
"Consequently, we are now working with CSFB, JP Morgan and Morgan Stanley to make sure that we have the right capital structure in place for the business," he said.
But Knapp said talks are at an early stage and that no decisions have yet been made on a new capital structure. "We will provide a preliminary update on our progress during the second quarter," he said.
The company said it has enough liquidity to approach the debt talks in a "considered manner". NTL has cable operations throughout Europe and the Republic.