Eircom, the Irish incumbent, plans to ask for a further extension of its covenant waiver due to expire at the end of January.
The company said in a statement that it intends to seek another waiver next week from senior lenders of €3.65bn senior…
Eircom, the Irish incumbent, plans to ask for a further extension of its covenant waiver due to expire at the end of January.
The company said in a statement that it intends to seek another waiver next week from senior lenders of €3.65bn senior facilities.
The previous extension was granted by the lenders on 15 December.
Gleacher Shacklock and JP Morgan are advising Eircom on its debt restructuring, with Houlihan Lokey advising its first lien lenders. Moelis is thought to be advising the second lien debtors.
Creates role of Chief Restructuring Officer
The company also announced changes to management responsibilities to reflect “the growing demands of both the balance sheet remediation process and the management of the Group’s business performance”.
Eircom said it separated the roles of CFO and chief restructuring officer (CRO). Michael Corner-Jones, MD of Alvarez & Marsal, has been appointed as CRO with immediate effect.
Corner-Jones will report to Eircom CEO Paul Donovan and will work alongside the CFO.
