Eircom extends restructuring deadline

The independent directors of struggling Irish former monopoly operator Eircom have extended the deadline for proposals on how to restructure the company’s EUR3.75 billion (USD5.07 billion) of debt, by two weeks to 2 December. The telco, which is majority-owned by Temasek Holding’s Singapore Technologies Telemedia (STT) unit, has been holding talks about the restructuring of Eircom’s debt for several months, and in September agreed a plan to waive debt covenants until 15 December, thus averting a possible default. In a statement last Friday Eircom said: ‘The Independent Directors of Eircom’s holding company have extended the deadline … to allow interested parties a further period of time to prepare and refine their submissions.’