Eircom exits examinership after agreeing deal with lenders

News General Ireland 11 JUN 2012
Eircom exits examinership after agreeing deal with lenders
Eircom Group has announced that three group companies placed under Examinership at end-March have now exited court protection. These are Eircom, Meteor Mobile Communications and Irish Telecommunications Investments. A simplified capital structure is in place and a new holding company has been created called Eircom Holdings (Ireland), with 100 percent of the equity owned by the Group's lenders. Singapore Technologies Telemedia (ST Telemedia) and the Employee Share Ownership Trust (ESOT) are not shareholders in the new group structure. Under the new structure, EUR 1.7 billion of debt has been removed from the balance sheet, cutting the group's debt by 40 percent. This will allow the company to proceed with its 5-year business plan.

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Voice services, Company, Services, Corporate, M&A buyouts & divestments

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