British cable firm Telewest Communications said today it has appointed Mr Mark Luiz group finance director with immediate effect.
Mr Luiz, previously Telewest's chief operating officer, takes over the financial director role from company managing director Mr Charles Burdick, who replaced Mr Adam Singer as head of the firm late last month.
"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," Mr Burdick said in a statement.
The announcement comes a day after Telewest said its banks had given the debt-choked firm approval to press ahead with talks with bondholders it says will almost certainly lead to a debt-for-equity swap.
The company's bank syndicate, owed £1.8 billion sterling, has allowed it to start talks with the owners of bonds with a face value of £3.55 billion, triggering a lengthy discussion process that could drag on for months.
If Telewest swaps bonds for new shares, it will join a number of European telecoms firms exchanging huge piles of debt for equity. Existing shareholders in such companies will be left with next to nothing.
Telewest is widely expected to merge with fellow cable group NTL once the two are free from debt burdens. US media group Liberty Media has been touted as a possible buyer for both companies.
AFP