The Irish Times, 16 Sep 2011AS WAS widely expected, Eircom got a waiver from its lenders this week that gives it three months of breathing space to find a solution as to how it will restructure its very large debt pile.
Eircom yesterday confirmed that it had breached the covenants on its debts at the end of its financial year in June. This did not come as a surprise given that it had flagged this situation some time ago.
The key component of Eircom’s debt is the €2.7 billion held by senior lenders, both first and second lien. It is they who have given the waiver, at some cost to the company, it must be added. Full story
