Eircom to agree terms with lenders

EIRCOM GROUP LTD, the Irish telecoms company, hopes to “shortly” agree terms of engagement with a committee formed to represent senior creditors in debt talks, said Paul Bradley, a spokesman for eircom, by telephone.

The Dublin-based company said on May 27 it was likely to breach its financial covenants within three or six months. Eircom probably won’t say if it has breached the covenants until its full-year earnings report, due at the end of August, Bradley said.

Eircom may ask lenders to write off more than €1bn ($1.4 billion) of debt, according to two sources.