Hot water cools slightly for Smart

27 Oct 2006

Irish cellco Smart Telecom, which last month announced it owed creditors EUR40 million (USD50.6 million), may not be in such dire straits. The Irish Independent reports that debt for immediate repayment may be around the EUR10 million (USD12.6 million) mark instead. At a meeting of creditors yesterday, it was decided that unless written confirmation of a schedule of repayments was received from Smart by the end of November, court action to liquidate its assets would be started.