An Irish court has confirmed court protection for three subsidiaries of the Irish Eircom Group: Eircom, Meteor Mobile Communications and Irish Telecommunications Investments (ITI).
In a statement, Eircom said that it had submitted an application for…
An Irish court has confirmed court protection for three subsidiaries of the Irish Eircom Group: Eircom, Meteor Mobile Communications and Irish Telecommunications Investments (ITI).
In a statement, Eircom said that it had submitted an application for examinership, an Irish legal process similar to US Chapter 11 bankruptcy protection.
The examinership process protects a company’s assets from its creditors for 70 days, extendable to 100 days or beyond, while the company develops a survival plan. It involves the appointment of an examiner to oversee the process.
The judge on the case is expected to announce his decision on an interim examiner tomorrow.
Eircom has been facing long-term uncertainty over its need to restructure its €3.75bn (US$5bn) debt.
The company’s first-lien lenders have agreed to take over the company, while writing off part of the debt they are owed.
On Tuesday, Eircom announced that the group’s CEO, Paul Donovan, will be stepping down at the end of the year for personal reasons.