Energis rescue deal announced
Former Asda chief Archie Norman is to step into the breach at Energis as the banks try to sort out its problems.
The company’s creditors have formed a company called Chelys which will buy-out Energis’ UK operations and be chaired by Mr Norman. It will trade under the Energis name.
The deal will see £150m injected into the business. According to Energis “the agreement will provide financial stability and ensure continuity of service to all customers of Energis’ UK business.”
However the arrangement is not such good news for the company’s shareholders – trading in ordinary Energis shares have been suspended.
Energis chairman Gordon Owen said: “This agreement follows the intensive work we have undertaken over the past months and secures the future of our UK operations.
“The acquisition and recapitalisation by Chelys will deliver stability and security for Energis’ customers, suppliers and employees in the UK and offers the potential to deliver some medium term value for all Energis plc stakeholders through their continuing interest in the UK business.”
The telecommunications firm owns the Energis Travel Network (ETN), a trade network for travel agents and online portals to trade with tour operators based around Internet Protocol (IP) technology.
See our previous story:
28 Jan 2002: Energis in severe trouble after profit warning
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