PIK holders in Irish incumbent Eircom are seeking legal advice before entering debt negotiations, unspecified sources have told Dow Jones.
Eircom must repay PIK notes worth E606m by 2017, E3.1bn in senior loans the same year, and E350m in floating rates…
PIK holders in Irish incumbent Eircom are seeking legal advice before entering debt negotiations, unspecified sources have told Dow Jones.
Eircom must repay PIK notes worth E606m by 2017, E3.1bn in senior loans the same year, and E350m in floating rates in 2016.
The newswire reported that the PIK holders, the most junior lenders, have approached law firms including Brown Rudnick but have yet to appoint an adviser.
Cadwalader is reportedly advising the floating rate lenders despite not being formally appointed.
At its FY earnings on August 31, the operator warned that it was seeking ways to avoid the current risk of breaching liquidity covenants within the next year and a half.
It said at the time that JPMorgan and Gleacher Shacklock had been appointed to advise it on options including the covenant renegotiation and fresh equity.
Eircom could not be reached by press time.
