The finance director of Telewest quit yesterday ahead of an expected boardroom clear-out as the cable operator nears the completion of its protracted pounds 3.5bn debt restructuring.<\/p>\n
Insiders at the company insisted that the resignation of Mark Luiz was not linked to the balance sheet overhaul -which is being overseen by Charles Burdick, the managing director and former finance director of Britain’s sec ond largest cable group. Mr Luiz, who will leave his post at the end of October with a payoff of about pounds 400,000, will be replaced by Neil Smith, at present the deputy finance director of Telewest.<\/p>\n
However, Mr Smith will not take a boardroom role, with the bondholders controlling the group widely expected to install new executives once the restructuring is completed.<\/p>\n
Telewest was close to filing the terms of its restructuring in June when bondholders, led by New Jersey-based hedge fund manager Bill Huff, demanded a greater slice of the company’s equity in exchange for forgiving pounds 3.5bn of debt.<\/p>\n
Bondholders will emerge with 98.5% of the new Telewest shares, instead of the 97% that was originally proposed. Mr Huff, who owns about 20% of the company’s bonds, also controls 14% of cable operator NTL, which completed its own financial restructuring in January.<\/p>\n
Mr Luiz joined Flextech, the producer of the Bravo channel, as chief financial officer in 1994, and became chief executive of the company when it merged with Telewest in 2000.<\/p>\n
He was appointed finance director of Telewest a year ago, taking on a more operational role while Mr Burdick, who replaced chief executive Adam Singer, led negotiations with Telewest’s creditors.<\/p>\n
“We thank Mark Luiz for all he has done since joining Flextech in 1988 and for his contribution to the company since the merger with Flextech in 2000,” said Cob Stenham, Telewest’s chairman.<\/p>\n","protected":false},"excerpt":{"rendered":"
The finance director of Telewest quit yesterday ahead of an expected boardroom clear-out as the cable operator nears the completion of its protracted pounds 3.5bn debt restructuring. Insiders at the company insisted that the resignation of Mark Luiz was not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-784","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=784"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/784\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}