Following the rejection of ST Telemedia’s (STT) restructuring proposal for Eircom by a majority of first lien lenders, all STT nominated directors of Eircom have tendered their resignations with immediate effect.
The move was announced in an Eircom…
Following the rejection of ST Telemedia’s (STT) restructuring proposal for Eircom by a majority of first lien lenders, all STT nominated directors of Eircom have tendered their resignations with immediate effect.
The move was announced in an Eircom statement.
The proposal for the restructuring of €3.75bn of debt was rejected yesterday, Eircom said. The company would now proceed with discussions with the first lien co-ordinating committee (FLCC) regarding its proposal to restructure the company’s balance sheet submitted on 2nd December 2011.
Ned Sullivan, Chairman of eircom, was quoted in the statement commenting: “After many months of deliberations, today’s announcement regarding a majority of the First Lien lenders choosing to implement the proposal by the FLCC provides an environment of certainty for all the parties to move forward with the restructuring process.”
Eircom majority owner STT had submitted a restructuring proposal in the first half of December.