Eircom set to go into examinership

Eircom is expected to go into examinership in the coming days, with its debt-holders ultimately likely to take ownership of the firm in the longer-term.

The telecommunications company, which has had six different owners over the past 12 years or so, has been working on a major restructuring of its €3.75bn debt for a number of months and effectively put itself up for sale again last month.

However, two weeks ago, management said that it had decided to support a debt restructuring proposal from its senior lenders.