Court approves Eircom scheme

A five-year survival scheme for Eircom approved by the High Court yesterday will see it and related companies exit the State’s biggest ever examinership on June 11.

Mr Justice Peter Kelly confirmed the scheme advocated by Michael McAteer, examiner to Eircom Ltd, Meteor Mobile Communications, and Irish Telecommunications Investments Ltd, and endorsed by most of its creditors.

The scheme would safeguard most of almost 6,000 jobs, and Mr Justice Kelly was told there would be no job losses above 1,000 to be achieved via a programme of voluntary redundancies.