Deadline set for Eircom investors

EIRCOM Group’sindependent directors have set a November 18 deadline for investment proposals as the country’s biggest phone company seeks to restructure its debt, according to two sources.

Eircom said last month it had received proposals from its owners Singapore Technologies Telemedia, an employee trust and some second-lien lenders, as well “an approach from a third party.” Billionaire Denis O’Brien’s mobile phone company Digicel Group is behind the approach, say sources.

Eircom, saddled with €3.75 billion of debt following five ownership changes in the last 12 years, said on September 15 that its senior lenders had agreed to waive debt terms for three months.