The independent directors of Irish incumbent Eircom’s holding company have extended the company’s deadline for third parties to submit restructuring bids by two weeks to 2 December.
According to a brief statement issued by the group, ERC Ireland…
The independent directors of Irish incumbent Eircom’s holding company have extended the company’s deadline for third parties to submit restructuring bids by two weeks to 2 December.
According to a brief statement issued by the group, ERC Ireland Holdings Limited, the extension for offers to support the restructure of €3.75bn (US$5.1bn) in debt has been granted to “allow interested parties a further period of time to prepare and refine their submissions”.
The chairman of Ireland-based regional mobile operator Digicel said in a statement dated 15 November that he will not be proceeding with an approach for the cash-strapped incumbent. Reports suggested Hong Kong conglomerate Hutchison Whampoa had also approached Eircom, but 3 Ireland, the Asian group’s Irish mobile operator subsidiary, has denied the claims.
Meanwhile, UK-based PE firm Communications Venture Partners (CVP) is reportedly talking to Eircom’s owners, Singapore Technologies Telemedia (STT) and employee share trust ESOT, in a bid to ensure they retain control of the group.
Eircom is being advised by Gleacher Shacklock and JP Morgan, with Houlihan Lokey advising its first lien lenders. Moelis is thought to be advising its second lien debtors.
Although a deadline has not been set for the conclusion of any sale, a waiver Eircom received earlier this year on the breach of it banking covenants is set to expire on 15 December.
