Chambers Client Report's article on the U.K. telecommunications companies identifies restructurings and consolidations as one of big issues facing the industry today. It notes that "[t]his has especially been so for cable operators Telewest and NTL. NTL concluded an £11bn debt-for-equity swap with its American creditors in January last year to bring it out of Chapter 11 bankruptcy. Since then the resurgent group, under new management, has undertaken a $1.5bn (Ç1.2bn) rights issue in November and a bond and bank debt refinancing worth a total of $3.2bn (Ç5.8bn) in April of this year. Head of legal Robert MacKenzie says that 'In the US, for M&A work, SEC filings, share issues and the like, we use Fried Frank.' [Jeffrey] Bagner leads the team there, supported by Daniel Bursky. MacKenzie says that 'I never ask them a question and get an answer I don't agree with. They are especially good communicators, keeping you informed about everything that is going on.'"