Feeds

Cable and Wireless borrows big to finance split

Bye then

Beginner's guide to SSL certificates

Cable and Wireless has today settled on the details of its long-planned split, which has been delayed by the recession.

The demerger, establishing CWI and Worldwide as separate firms, is now due to be completed by the end of March.

To ensure both new firms have enough cash to meet their debts and operate, Cable and Wireless plans a large bond issue and new loans.

It's planned the bond sale will raise £200m. A further £300m for the confusingly-named UK arm Worldwide, and $500m for the overseas arm CWI, will come from banks.

Cable and Wireless' famously-generously-remunerated top brass will remain in charge. Worldwide will be run by Jim Marsh, with John Pluthero as chairman. CWI will be run by Tony Rice with Richard Lapthorne as chairman.

The demerger follows deep cuts and job losses at Cable and Wireless which have helped the domestic and international businesses achieve profitability.

Shareholders will meet in February to approve the plan. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Mighty Blighty broadbanders beg: Let us lay cable in BT's, er, ducts
Complain to Ofcom that telco has 'effective monopoly'
Download alert: Nearly ALL top 100 Android, iOS paid apps hacked
Attack of the Clones? Yeah, but much, much scarier – report
Broadband sellers in the UK are UP TO no good, says Which?
Speedy network claims only apply to 10% of customers
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Facebook, working on Facebook at Work, works on Facebook. At Work
You don't want your cat or drunk pics at the office
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
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?