It has been a busy month for WilTel Communications, formerly Williams Communications Group Inc. First the company emerged from bankruptcy, and now it has named a new chief executive.
The telecommunications company has tapped Jeffrey Storey, the head of its fiber optic network, to serve as president and CEO. In his previous role as senior vice president and chief operating office of Williams’ network, Storey was responsible for all engineering and network operations. He has 20 years experience in the telecommunications industry. He also has been named to WilTel’s board of directors.
When the company emerged from bankruptcy a few weeks ago, its Chief Executive Howard Janzen announced his resignation.
Storey will be tasked with leading the reorganized company, which exited bankruptcy with a new $375 million credit facility and no other substantial debt obligations. When the company filed for bankruptcy protection from its creditors in April it listed assets of $5.99 billion and debts of $7.15 billion.
The approved reorganization gave Williams’ unsecured creditors a 54 percent equity stake in the company. Investment bank Leucadia National Corp. controls 44 percent.