Feeds

Energis reborn as 'Chelys,' but still called Energis

Bankers move in

  • alert
  • submit to reddit

Mobile application security vulnerability report

ComputerWire: IT Industry Intelligence

Debt-ridden London, UK-based carrier Energis Plc has been reborn as Chelys, and the new company has been given 150m pounds ($235.5m) of cash and long-term debt facilities.

In effect, the company has been taken over by its bankers who have signalled that they are not always prepared to sell off ailing investments for a pittance to the bottom feeders now gorging themselves on the corpses of failed companies. Instead the financial institutions now believe that a company that established itself as the major competitor to incumbent BT Group Plc with revenue approaching £1bn ($1.5bn) has a future under new management.

Under the deal, Energis went into administration and its assets were acquired by Chelys, a company set up by its creditors who were owed about £700m ($1bn). Agreement has been reached with holders of more than 50% of the company's bonds that will enable them to convert the bonds to equity in the new company.

Shareholders will get the right to 7.5% of any value over £1.8bn ($2.8bn) if the company is sold or floated in the next seven years.

As expected, Chelys will be chaired by management consultant Archie Norman, who is regarded as an expert at turning round failing companies. What makes him attractive to financial institutions is that he has no background in telecommunications, which they believe will make him more focused on making money rather than technology. Chelys will continue to trade as Energis.

© Computerwire.com. All rights reserved.

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.