Eircom ‘supports restructuring plan’

Struggling telecom Eircom says it has decided to support in principle a restructuring proposal by its most senior lenders.

That process could see the firm placed in administration.

The country’s largest fixed-line telephone company has been in talks with lenders for months about the restructuring of debts of €3.8bn. Its independent directors were mulling proposals from the syndicate of first-lien senior lenders, the most senior in any restructuring, owed €2.71bn, and another from a group of second- lien senior lenders owed around €350m.