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Struggling speciality satellite operator Avanti Communications is appointing three new directors.
Peter Reed, Craig Chobor and Michael Leitner have joined board of Avanti as non-executive directors with effect from January 27th. Richard Vos, Michael Walker and Charmaine Eggberry have resigned as non-executive directors of the company with immediate effect.
Avanti also says that CFO Nigel Fox has also stepped down from its board with immediate effect, but will remain in his current role as CFO.
Reed is a partner at MAST Capital Management, a major investor in Avanti. Chobor represents a hedge fund investor, while Leitner is managing partner at Tennenbaum Capital Partners.
The new directors have been appointed as result of fresh financing put in place over the Christmas period.