Debt discussions ongoing after lenders reject restructuring plan, says Eircom

EIRCOM has said it is proceeding with detailed discussions with its first-lien lenders regarding their restructuring proposal for the group.

Eircom said its board informed the company’s majority owner, Singapore Technologies Telemedia (STT), that a majority of first-lien lenders rejected a plan put forward by the Singapore company. STT-nominated directors have resigned from the Eircom board with immediate effect, Eircom said in a statement.

Eircom chairman Ned Sullivan said that “after many months of deliberation”, the announcement “provides an environment of certainty for all the parties to move forward with the restructuring process”.