Feeds

Archie Norman lined up for Energis as banks take over

Poisoned Chelys?

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

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.

New hybrid storage solutions

More from The Register

next story
Quit drooling, fanbois - haven't you SEEN what the iPhone 6 costs?
How keen will buyers be when exposed to the real price?
Ex-Autonomy execs: HP's latest wad blows apart fraud allegations
Top bods claim IT titan's latest court filing is smoking gun of 'reckless aggression'
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Elon Musk says Tesla's stock price is too high ... welp, NOT ANY MORE
As Nevada throws the SpaceX supremo a $1.25bn bone
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
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.