(Bloomberg) -- The head of Chile’s troubled telecom operator WOM was replaced after less than six months on the job and said, after leaving, that the company’s owner failed to come through with promised cash in the run-up to its bankruptcy.   

Chris Bannister, who took over as CEO in October in a second stint with WOM, was replaced Thursday by Martin Vaca Narvaja, according to a statement. The company filed for Chapter 11 on Monday.

Once a rising Chilean startup, WOM fell short on a plan to refinance $348 million in debt due in November. It entered bankruptcy protection in Delaware and struck an agreement with JPMorgan Chase & Co. to provide about $210 million in debtor-in-possession financing. 

Bannister, in a post on LinkedIn after his departure, suggested that Novator Partners LLP, a private equity fund founded by Icelandic billionaire Thor Bjorgolfsson, didn’t make good on a pledge to inject capital into WOM. 

“The shareholder promised to bring in new money if I came back to re-invigorate the leadership and culture,” Bannister wrote. The shareholder “did not deliver their commitment in funds.”

Bannister declined to comment beyond the post. A representative for Novator said the fund has invested $400 million in WOM since 2015, when it acquired the assets of Nextel Chile and rebranded the company.

Vaca Narvaja has held roles at other telecom operators across the region and was involved in the debt restructurings of Telecom Argentina SA and Personal Paraguay, according to the statement.

The company’s board of directors said Vaca Narvaja’s “proven track record and extensive qualifications make him uniquely suited to lead WOM Chile at this pivotal moment.”

Dollar bonds of WOM trade near 35 cents on the dollar, not far from the recovery levels estimated by some analysts. The notes tumbled this year after WOM delayed the release of financial results, with investors fearing the controlling shareholder might not inject fresh capital. 

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