Feeds

Archie Norman lined up for Energis as banks take over

Poisoned Chelys?

  • alert
  • submit to reddit

High performance access to file storage

Archie Norman - the Tory MP and former Asda chairman - is to take charge of troubled alternative telco, Energis.

Sixteen banks owed £690m have rejected a bid for the ailing telco by a consortium led by financial outfits Apax and Carlyle.

Instead, the banks have decided to go it alone and take charge of the telco themselves in a bid to turn the company around.

Weekend press reports said the banks will pump an extra £150m into the company.

However, existing shareholders are likely to be left with nothing.

The telco will be renamed Chelys*.

Responding to weekend press speculation Energis issued a statement this morning saying discussions are at "an advanced stage with Energis' bank and bondholder representatives which, if concluded, would result in the UK business being sold to and recapitalised by a company set up for this purpose."

The deal is expected to go ahead this week.

In January shares in Energis slumped after it issued a profits warning.

A month later is announced it would lay off 400 staff - on top of 350 staff elbowed three months earlier - in a bid to slash overheads. It also decided to flog or close its European operations.

Shares in Energis had fallen 0.15p (13.64 per cent) to 0.95p by mid morning. ®

* Our thanks to Reg reader, Stephen Roberts, who informed us that Chelys is the title of a magazine for the the Viola da Gamba Society. The society's aim is to advance the study of viols (medieval stringed instruments).

Stephen asks the question: "Post Worldcom, would you want your telco named after a fiddle?"

Very droll.

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.