Luiz To Manage Telewest Finances

The indebted cable operator, Telewest Communications has announced the appointment of a new finance director to lead it through a period of financial restructuring.

Mark Luiz moves from his current position as chief operating officer to succeed Charles Burdick, who was promoted to managing director earlier this month. Luiz is charged with the task of reducing costs and will also supervise company operations such as sales and customer care.

“As the company continues to focus on operational performance and financial control, Mark’s strong financial background will assist me in maintaining the financial discipline necessary in the coming months,” said Mr Burdick.

Telewest is currently more than £5 billion in debt and yesterday received clearance from creditors to begin restructuring talks with bondholders which are expected to culminate in a debt for equity swap.

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