Telewest Director (Non-Executive) Quits
Posted: 19th Nov, 2003 By: MarkJ
Telewest's non-executive director, Stanislas Yassukovich, has quite the companys board in protest over the debt-for-equity restructuring process:
"As the formalities for completion of the restructuring arrangements must now be undertaken, it is appropriate that I now resign from the Board. As you know, I never accepted the decision of the ad hoc Committee of Bondholders to renegotiate the terms of the re-structuring as originally agreed, albeit on a non binding basis. As I consider the revision of the terms to be prejudicial to the interests of all the stakeholders, I could not join in what you would correctly wish to be a unanimous recommendation to shareholders."
Still, perhaps he'll find a job at BT like Telewest's Gavin Patterson recently did. More @ DigitalSpy.
"As the formalities for completion of the restructuring arrangements must now be undertaken, it is appropriate that I now resign from the Board. As you know, I never accepted the decision of the ad hoc Committee of Bondholders to renegotiate the terms of the re-structuring as originally agreed, albeit on a non binding basis. As I consider the revision of the terms to be prejudicial to the interests of all the stakeholders, I could not join in what you would correctly wish to be a unanimous recommendation to shareholders."
Still, perhaps he'll find a job at BT like Telewest's Gavin Patterson recently did. More @ DigitalSpy.
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