Denis O’Brien’s Digicel ends Eircom interest

16 Nov 2011

Reuters reports that Jamaica-registered Digicel Group, the regional mobile phone company run by Irish billionaire Denis O’Brien, will not be submitting an offer for control of struggling Irish telecoms group Eircom. In a statement published yesterday, a spokesman for O’Brien reportedly said: ‘Denis O’Brien has today informed the First Lien Committee at Eircom that he will not be proceeding with a proposal for the company.’ The official went on to say that there would be no further comment on the matter. Eircom has been in talks with its owners about restructuring its debt for months, and the group said last month that it had received an approach from a third party. The telco’s independent directors have set an 18 November deadline for proposals on how to restructure the company’s EUR3.75 billion (USD5 billion) debt, a source familiar with the situation told Reuters last Friday.

Ireland, Digicel Group, eir