It looked like a coup when Silver Lake landed the former Woolworths chief to run TEG. A year later, it is cutting costs and raising hundreds of millions.

TEG, which is majority owned by private equity firm Silver Lake, has hired MA Moelis to review its $1 billion debt structure and raise fresh funding.

It looked like a coup when Silver Lake landed the former Woolworths chief to run TEG. A year later, it is cutting costs and raising hundreds of millions.