Aug 31 (Reuters) - Struggling Irish telecoms group eircom is considering raising equity as well as renegotiating with its lenders to avoid breaching its loan covenants, its finance chief said on Tuesday.Eircom, which is majority-owned by Singapore Technologies Telemedia (a unit of Temasek [TEM.UL]), is restructuring to manage a legacy fixed-line business in long-term decline and has slashed staff costs by 25 percent in the last two years.
The company said it was at risk of breaching its loan covenants over the next 12 to 18 months. Eircom's debt was 3.18 billion euros ($4 billion) at June 30, or 5.6 times earnings before interest, tax, depreciation and amortisation (EBITDA). Full story
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