NTL chief gets £1.3m bonus despite huge company debts

NTL
founder Barclay Knapp has been awarded a bonus of £1.3m as he steps down as
chief executive of the cable company.

The
announcement, sure to spark another ‘fat cat’ pay debate, comes just eight
months after NTL agreed a deal with lenders to save it from bankruptcy
protection.

Knapp
was in charge when NTL filed for bankruptcy protection in May 2002, after being
left with huge debts incurred in the aftermath of the telecoms boom.

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Knapp
said he would stay at the company until the end of 2003 to advise management on
strategy.

By Michael Millar