Hutchison Whampoa is challenging a decision by Eircom's examiner to reject its EUR 2 billion bid for the company, reports the Financial Times. Senior lenders have won the support of Eircom management for a bid which would see most lower-ranked lenders and shareholders wiped out, with ownership transferred to senior lenders. Hutchison has teamed with junior lenders, led by DW Investment Management, in court action to stop this. DW Investment represents 52.4 percent of creditors holding EUR 350 million in loan notes. Hutchison claims that the Examiner has failed in his duties and wants to be allowed to conduct due diligence on Eircom and proceed with its takeover bid. It also wants a creditors meeting set for Friday 17 May to be postponed.
