Eircom to exit examinership next month

Eircom is to exit examinership next month, after the Commercial Court approved a survival scheme for the troubled telecoms provider.

The court has accepted the examiner's recommendations for a five-year restructuring plan that provides for capital investment of €1.5bn in the telecoms business.

Eircom has around one million fixed line customers, is considered of strategic importance for Ireland's telecommunications and it owns the country's third largest mobile operator Meteor.

The plan will see 1,000 voluntary redundancies from a workforce of 6,000 as well as a significant write-down in debt with senior secured creditors taking cuts of between 15 and 90%.

Mr Justice Peter Kelly said he was satisfied that the scheme was for the overall benefit of creditors, the company, and the company's employees.

He also commended the examiner for concluding the largest examinership in the history of the state

well within the 100 days limit laid down by statute.

Eircom will exit court protection on June 11.