Burch frozen out in June
August 27, 2007
Virgin Media chief executive Steve Burch was frozen out of the company’s sale process for two and a half months before his exit this week, according to a company filing with the SEC.
“Since June 7, 2007, Burch has not communicated with any adverse party,” the company said in a filing with the US regulator the Securities and Exchange Commission detailing the “compromise agreement” that sets out the terms and conditions of his departure. An “adverse party” is defined as “persons or entities identified to Burch by the company as potential counter parties to a change of control transaction.”
The auction process is now on hold because of turmoil in the credit markets.