Europe's largest cable operator, NTL, is reported to be in talks with its largest shareholder, France Telecom, about restructuring its £12bn debt mountain.
The talks come as the company brought forward its results in a bid to calm investor fears about a sharp fall in its share price.
NTL shares, which are listed on Nasdaq, have been falling markedly recently and speculation is mounting that the cable giant is seeking approval from France Telecom to implement a radical restructure.
Having already brought forward the results announcement by two weeks to July 26, NTL took the market by surprise by bringing it forward even further after a continuing share slide.
It reported earnings before interest, tax, depreciation and amortisation of £115m, compared with £59.2m in the same period last year. For the full year this figure is expected to grow by £100m to £485m.
NTL's debt pile now stands at a massive £12.3bn, an amount that continues to concern analysts.
NTL's shares closed on Nasdaq down 6.7% at $5.29 (£3.74), a far cry from the $109.10 (£77.09) it reached at the height of the technology boom.
But NTL is not the only UK cable company in trouble. Shares in rival operator Telewest have also tumbled recently amid concern about its debts and overvaluation.
The two companies are now increasingly combining resources to work together on issues such as marketing.