Cable firm ntl is on track to come out of its re-financing shake-up this month - but there are plans to axe 250 more jobs across the country.

The US parent of ntl filed for "Chapter 11" bankruptcy protection earlier this year after mounting debts of £12bn forced it to carry out the life-saving refinancing.

The company, which has its regional headquarters at Preston Farm Business Park, in Stockton, announced yesterday it was on schedule to come out of Chapter 11 within the next few weeks.

The group plans to become two businesses - ntl UK and Ireland and ntl Euroco - with nearly 11 billion US dollars (£6.9bn) of debt converted to equity.

But, ntl is locked in talks to finalise $500m (£314.9m) of new financing from certain bondholders.

Barclay Knapp, ntl president and chief executive, said he was confident the group would start growing again once the refinancing was completed.

Mr Knapp said the 250 job cuts would be in "tens and thirties" across all operations and all locations.

But a spokeswoman for Teesside said: "We have no job cuts envisaged at all."

The latest round of cuts will take ntl's headcount down to about 13,000 for UK and Ireland and means the group has axed about 8,000 jobs over the past two years.

Debts mounted after the group went on a spending spree at the height of the technology boom but it has recently sold off a number of non-core interests.

The Teesside operation employs 650 staff, consisting mainly of ntl:home staff. The company pioneered its services across Teesside and County Durham where it has more than 150,000 customers.

Peter Wilcock, managing director of ntl:home North East, said: "During the third quarter, we continued to improve our cashflow and customer service and began to lay the foundations for economically prudent future growth. At the same time, we are continuing to drive the UK's broadband revolution."