Feeds

Dark night for Ionica as no white knight tips up

Administrators are now in the office

  • alert
  • submit to reddit

Security and trust: The backbone of doing business over the internet

Deeply-troubled Ionica failed to find a white knight and it called in the administrators yesterday. The radio-based telecommunications company said that normal services will continue for its 62,000 customers and since the parent Ionica Group is unaffected by the collapse, shareholders may see some recompense, unlike Ionica’s 1200 staff. Ionica has been looking for an investor since May and until last weekend, the Scottish company, Atlantic Telecom, was being touted as the most likely candidate. Ionica’s 15 months as a public company were characterised by volatile trading, with share prices soaring and plummeting between 421p and 8.75p. Fixed assets are valued at £250 million and it has around £40 million in cash but it owes £225 million to bondholders. Technological and financial issues have dogged the company, not least network under-capacity, and the banks’ recent decision to withhold a £300 million facility. Warburg Dillon Read advises the company and the joint administrators are Ernst & Young and PricewaterhouseCoopers. ® Click for more stories Click for story index

New hybrid storage solutions

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.