BusinessWeek, 30 Sep 2011Sept. 30 (Bloomberg) -- Eircom Group Ltd. may cede a quarter of its shares to first-lien lenders in a debt restructuring of Ireland’s biggest phone company, according to three people familiar with the talks.
Eircom, saddled with 3.75 billion euros of debt following five ownership changes in the last 12 years, said Sept. 15 its senior lenders agreed to waive debt terms for three months as it seeks to restructure its balance sheet. The company, owned by Singapore Technologies Telemedia Pte. and an employee trust, is pursuing in excess of 1.3 billion euros of debt writedowns across its lenders, the people said. Full story
