LONDON (Alliance News) - Website design company Hibu PLC, whose shares are suspended pending clarification of its financing position, Thursday said said Chairman Bob Wigley and Chief Executive Mike Pocock will both step down once the financial restructuring is completed, currently expected to be early in 2014.
The debt-laden company, which said it is continuing to make steady progress on its restructuring, said Wigley will be replaced by Alfred Mockett, while it is looking for a new CEO.
In a separate statement, Hibu also said it has appointed David Eckert as operational chief restructuring officer, who will implement the plans put in place by Simon Freakley of Zolfo Cooper, who oversaw the restructuring deal.
Under the terms of the proposed financial restructuring, the company's lenders will exchange their GBP2.3 billion debt in return for ownership of all of a new group holding company plus about GBP580 million of five-year senior secured debt and about GBP920 million of ten-year loan capital.
Mockett has held various chairman and CEO roles, including with Dex One Corp and Motive Inc., and was previously a senior manager at BT Group.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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