Ireland's former state telecom operator eircom applied for court protection as expected on Thursday to allow it restructure its 3.75 billion euro ($5 billion) debt mountain, a move it said was "necessary and unavoidable".
The application follows the company's agreement to support a proposal under which most senior lenders take control of the company from current majority shareholder Singapore Technologies Telemedia (STT) and cut its debt pile by 40 to 50 percent. Full story
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