NTL bosses rack up huge bonuses

How does that work?

NTL bosses paid themselves almost $2m in bonuses last year at the same time they were driving the cable company to the brink of bankruptcy. According to documents obtained by the FT, CEO Barclay Knapp received a $561,138 bonus, along with the chairman George Blumenthal. CFO John Gregg received even more, netting $591,250 in extra payments. These bonuses were awarded as a debt restructuring in April left NTL shareholders out in the cold. This month NTL filed for Chapter 11 bankruptcy protection to keep creditors from the door in a bid to buy time to restructure its debt, which stands at more than $10bn.