Telewest Communications’ chief executive, Adam Singer, has been abruptly ousted from the cable operator’s Board following what the Financial Times describes as a ‘boardroom coup’. Singer was ‘forced’ to resign by non-executive directors at the company, according to reports.
Taking the helm at the heavily indebted cable group is previous finance director, Charles Burdick, who will hold the role of managing director.
At the beginning of the month Singer admitted that the company is now facing a possible ‘funding gap’. Telewest is on the brink of refinancing its huge £5.3 billion debt burden, in a move which is now all but essential if it is to survive (see Telewest Agrees To Discuss Refinancing). Rival cable group, NTL, is already in the process of a similar restructure which will allow its debt to be written off (see NTL Rescue Plans Revealed).
Telewest has also released its first half financial results this morning. More details to follow shortly on MediaTelINSIGHT.
