Debt is finally coming due at a slew of top European companies

COMPANY SITUATION LIKELY OUTCOME

ABB Shut out of commercial- New, more expensive credit paper market. Must renegotiate facility. Sale of major units. $3 billion credit line.

NTL $17 billion in debt, with Shareholders lose out. Bond- stock trading below $1. holders get equity. In restructuring.

TELEWEST As at NTL, debt dwarfs equity. Strategic shareholders Liberty Media and Microsoft lead restructuring.

RAILTRACK Forced into bankruptcy in Bond, stockholders get October by British government. $10 billion, government kicks in $420 million.

HOLZMANN Filed for insolvency after Liquidation banks balked at second rescue.

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