Feeds

Cable and Wireless borrows big to finance split

Bye then

Top three mobile application threats

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. ®

Top three mobile application threats

More from The Register

next story
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
Broadband Secretary of SHEEP sensationally quits Cabinet
Maria Miller finally resigns over expenses row
Skype pimps pro-level broadcast service
Playing Cat and Mouse with the media
EE dismisses DATA-BURNING glitch with Orange Mail app
Bug quietly slurps PAYG credit - yet EE denies it exists
Like Google, Comcast might roll its own mobile voice network
Says anything's possible if regulators approve merger with Time Warner
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
Facebook splats in-app chat, whacks brats into crack yakety-yak app
Jibber-jabbering addicts turfed out just as Zuck warned
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
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.
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.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.