EIRCOM is certain to be taken over by its lenders after its owners shunned a second deadline to make an offer to stay in control of the business.
ST Telemedia, Eircom's Singapore-based majority owner, and the Eircom employee shareholder trust failed to table an offer for the company after an extended deadline to submit bids passed last night.
ST Telemedia bought a majority stake in Eircom for just €30m two years ago, but the deal left the company saddled with an unsustainable €3.7bn debt burden built up by its previous owner.Full story
