Reuters Canada, 27 May 2011DUBLIN (Reuters) - Struggling Irish telecoms group Eircom said on Friday it must accelerate talks on restructuring its debt with shareholders and lenders ahead of a likely breach in its financial covenants within the next three months.
Eircom, majority-owned by Temasek unit Singapore Technologies Telemedia (STT), in March warned of a significant risk of a covenant breach within three to six months and said it would talk to shareholders about possibly injecting new equity.
Eircom's net debt was 3.75 billion euros in December, or 5.6 times earnings before interest, tax, depreciation and amortization (EBITDA). Full story
