NTL, the cable company that is negotiating to restructure its $17bn (€19.4bn) of debt, is in technical default after withholding interest payments on its high-yield bonds.

The company chose not to pay the $96m interest charge on its 9.5%, 11.5% and 11.875% senior notes on Monday, in response to a request from an unofficial committee representing the holders of around 50% of NTL and its subsidiaries' outstanding bonds.