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Onshore News: Global Marine exits Administration with approval of CVA proposals

Posted on 14.11.2004 - 13:56 EST in SUBSEA TELECOMS NEWS by Rons_ROV_Links

Peter Ford, CEO of Global Marine Systems Limited (Global Marine) and his Leadership Team today announce the successful outcome of the recent process which has enabled Global Marine to restructure its business to meet the needs of the marketplace.

The Company Voluntary Arrangement (CVA) is a process that provides a framework for Directors to agree a recovery plan with stakeholders and creditors where the major objectives are to maximise creditors’ financial and commercial interests and allow a viable business to continue.

Following on from successful negotiations, a deal was reached at a meeting in Westminster, London on Monday evening, 8th November, which saw unanimous acceptance of the CVA proposal by the Company’s creditors. The Administrator, Douglas MacDonald of the MacDonald Partnership was formally discharged today. This now allows Global Marine, a company with a 156-year history in the submarine cable business, to continue as the world’s leading independent cable installation and maintenance company under the leadership and direction of its Board of Directors.

Since the late 1800’s ownership of the company can be traced back through; early private telegraph companies, the British Government, British Telecom Plc and Cable & Wireless Plc, who sold it’s marine interest to Global Crossing in 1999 and then onto Bridgehouse Marine earlier this year. Global Marine is the leader in the field of submarine cable maintenance and installation, and emerges through the CVA, leaner and fitter, retaining its’ position equipped to pursue the opportunities that exist throughout the world.

As Chief Executive, Peter Ford, said:

”We are delighted that our modified CVA proposal has been agreed by the Creditors and are firmly committed to developing our people and continuing to deliver world-class installation, maintenance and support services to our customers. We will continue to work alongside our world leading industry partners for the best interests of Global Marine, our customers and our investors.

“We would like to thank the customers that remained loyal to Global Marine during this period of uncertainty. There is no doubt that, whilst this has been an unsettling time for the company, and our industry, there has been an incredible core of customers that have supported us, both in terms of contractual commitment, but equally importantly in terms of psychological support. Over the last few weeks there have been many messages from our customers and suppliers that have expressed their unwavering support for Global Marine and I say from the heart of the organisation, we are grateful.”

12 November 2004

Global Marine Systems Ltd.

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