Virgin Media—the British cable services firm created earlier this year out of the merger of NTL, Telewest, and wireless operator Virgin Mobile—confirmed this week that it is delaying a much-anticipated auction of its assets as a consequence of ongoing turmoil in worldwide credit markets. Created with the intent of establishing the first “quadruple play” combination of video, fixed telephone, wireless voice and broadband Internet service in the United Kingdom, Virgin Media has struggled financially and has amassed U.S. $12 billion in debt against a market capitalization of $7.7 billion. In the weeks since Virgin Media announced its intention to entertain offers, a number of parties, reportedly including Liberty Media and private equity firms Kohlberg Kravis Roberts, the Carlyle Group, Cinven and the Blackstone Group, have expressed an interest in the company. While confirming Tuesday that “potential strategic and financial counterparties have . . . a strong, ongoing interest in a transaction,” Virgin Media acknowledged that its financial advisors had recommended extending the auction process “until these parties can complete their proposals in a more stable debt market.” Officials of Virgin Media were unable to provide a timeline for the resumption of the auction process.