Eircom seeks potential buyers

Eircom has put itself up for sale as it seeks to restructure €3.75bn of borrowings and avoid a default.

The former state-owned group said yesterday it had hired Morgan Stanley to advise it on a sale, and prospective buyers have until mid-March to table their interest.

The company said it was continuing to consider proposals received from its first-lien and second-lien senior lenders, and added that it will also “consider any expressions of interest received under the sales process as additional options for the balance sheet remediation process”.