It is unclear what effect this could have on the Old Firm sponsorship deals or those it has with other clubs such as Newcastle Utd. It is not, however, expected to harm its subcription service.
The US company has $16.8bn assets and debts of $23.4bn. Last month it took a major step on the way back to recovery by swapping $10.6bn of debt for a controlling interest.
Bankruptcy protection allows NTL to be shielded from any remaining creditors while it continues restructuring. It is thought that this will be done by dividing the company into two, one specifically for mainland Europe, and the other in the UK and Ireland. This process is expected to be completed by September.
Analysts see the willingness of NTL's creditors to broker a deal as a sign of confidence in the company's business plan. They currently have nearly 3 million UK subscribers, almost two and a half times the ailing ITV digital.