By Tony Hallett, 14 August 2002 09:35
NEWS Vivendi Universal has appointed a new chief operating officer and announced various financial measures as it steps up its efforts to ease its debt burden. Following a board meeting yesterday, the troubled French water utility-to-cable TV conglomerate said Jean-Bernard Levy will replace Eric Licoys as COO, though Licoys will head "certain strategic dossiers" as an advisor to the chairman. Last month Jean-Rene Fourtou replaced the flamboyant Jean-Marie Messier as chairman and CEO. The board also decided to dispose of at least E10bn worth of assets, at least E5bn of which will go in the next nine months. Still owing billions of euros, Vivendi Universal has set up a E3bn lending facility with its banks. However, yesterday shares in the company fell ahead of expected write-downs in the value of assets such as USA Networks, valued at E10.3bn when acquired last year. On 25 September Vivendi Universal will review its strategy "to optimise all of its assets".
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