CEO of Chile's Bankrupt Telecom Firm WOM Departs [BNN Bloomberg (Canada)]
Telecom Argentina SA (TEO)
US:NYSE Investor Relations:
institucional.telecom.com.ar/inversores/investors.html
Company Research
Source: BNN Bloomberg
the company's owner failed to come through with promised cash in the run-up to its bankruptcy. Chris Bannister, who took over as CEO in October in a second stint with WOM, was replaced Thursday by Martin Vaca Narvaja, according to a statement. The company filed for Chapter 11 on Monday. Once a rising Chilean startup, WOM fell short on a plan to refinance $348 million in debt due in November. It entered bankruptcy protection in Delaware and struck an agreement with JPMorgan Chase & Co. to provide about $210 million in debtor-in-possession financing. Bannister, in a post on LinkedIn after his departure, suggested that Novator Partners LLP, a private equity fund founded by Icelandic billionaire Thor Bjorgolfsson, didn't make good on a pledge to inject capital into WOM. “The shareholder promised to bring in new money if I came back to re-invigorate the leadership and culture,” Bannister wrote. The shareholder “did not deliver their commitment in funds.” Bannister declined to com
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Sec Filings
- 4/25/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/21/24 - Form 6-K
- TEO's page on the SEC website