NTL, the financially troubled cable company, is being sued by Morgan Stanley over £7 million in allegedly unpaid fees dating back three years.
The legal move comes as a blow to NTL which is in the process of a complicated financial restructuring. Morgan Stanley remains one of the firm’s most prominent advisers but has evidently lost patience with regard to the ongoing debt.
NTL has not yet decided whether to contest the suit but claims to have grounds to object. The company is striving to emerge from Chapter 11 bankruptcy protection and recently said that it expects to complete the refinancing “in the very near future”.
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