Eircom to consider up to three restructuring proposals

13 Dec 2011

The single largest shareholder in Irish former telecoms monopoly Eircom, Singapore Technologies Telemedia (STT), has confirmed that it has submitted a restructuring plan to the operator’s independent directors. Eircom has published a statement saying it will consider the STT proposal, alongside two others received earlier this month. The plans on the table are aimed at restructuring the struggling telco’s EUR3.75 billion (USD4.98 billion) of debt. STT, which holds a 65% stake in Eircom, has also provided Eircom’s senior providers with a copy of the restructuring proposal. ‘Our proposal is targeted at giving Eircom an optimal chance to be competitive and viable by addressing the company’s long-term balance sheet issues, while supporting its ongoing business strategy,’ the statement said.

Ireland, eir (formerly Eircom)