Bondholders give go-ahead to Eircom

Dublin: Bondholders have cleared the way for Eircom to launch an initial public offering, a source familiar with the situation said yesterday.

As a precondition of returning to the stock market, permission was needed from bondholders before parent company Valentia could restart dividend payments.

“Bondholders’ consent was agreed yesterday,” the source said.

The source added that board changes were being planned in the event the company did go public.

“No decision has yet been taken but obviously, they are working towards going, as evidenced by a lot of activity.”