SMBC Bank has reportedly become the sixth member of an ad hoc committee of Irish incumbent Eircom’s first lien lenders.
Eircom has previously said that the committee, which is reportedly being advised by restructuring specialist Houlihan Lokey, required…
SMBC Bank has reportedly become the sixth member of an ad hoc committee of Irish incumbent Eircom’s first lien lenders.
Eircom has previously said that the committee, which is reportedly being advised by restructuring specialist Houlihan Lokey, required a sixth member in order to be officially recognised by the company.
This committee also includes Harbourmaster, Alcentra, Avoca, Deutsche Bank and GSO, representing E2.6bn in senior debt.
The incumbent operator, which is conducting a strategic review to avoid the “significant risk” of breaching covenants this year, declined to comment on the reports.
Eircom has E3.75bn of outstanding debt in total. It is continuing to be advised by Gleacher Shacklock and JPMorgan on a range of options, including a restructuring, debt swap or rights issue.
A spokesman for Eircom said no update on its strategic review, or discussions with its lenders, were expected before the company’s Q3 results on 27 May.
Linklaters and Arthur Cox are Eircom’s legal advisers.
