Horizon Communications Placed In Receivership
Horizon — which provides internet service — has been placed in receivership, with the receivers to “pursue a sale of Horizon’s business and/or assets.”
A spokesperson said, “Michael Morrison and Charles Thresh of Teneo [Bermuda] Limited were appointed as Joint Receivers [JRs] of Horizon Telecommunications Ltd. ["Horizon” or ”the Company”] on 5 January 2023, under a debenture held by a lender of Horizon, which is an affiliate of a Bermuda investment fund [the “Lender] Horizon provides reliable and high speed internet to business and residential customers throughout Bermuda.”
Charles Thresh, Head of Teneo’s Financial Advisory business in Bermuda and one of the JRs, said: “We have been appointed by the Lender to pursue a sale of Horizon’s business and/or assets. The Lender has agreed to fund Horizon’s operations from the date of our appointment, whilst a purchaser is sought.”
“It is too early to say whether such a sale will be possible; however, the JRs are hopeful that the business can be sold as a going concern, with its employees retained by the new owner and continued services being provided to Horizon’s valued customers. We are therefore actively working with Horizon’s management to identify interested parties. Any such sale is subject to the approval of the Bermuda Regulatory Authority.”
“Any enquiries with respect to Horizon should be directed to Shrene Shergill at shrene.shergill@teneo.com.
Not surprised at this.
No surprise here. They basically tried to copy the Bluewave business plan. There are probably not enough people in Bermuda to support yet another wireless provider.