Energis cutbacks unlikely to affect Nevada tele.com

Energis shares fell in the past few days when the company said that bankers might cancel a loan of more than $1bn (€1.14bn).

It has asked the banks to relax the conditions of its loan agreement.

It intends to restructure some of its operations to cut costs.

This may involve selling some of its operations in Europe in which it has invested heavily.

It is also to cut 400 jobs in the UK.

Telecom company Nevada tele.com which operates in Ireland is a joint venture between Energis and Northern Ireland power company Viridian.

It is understood the Nevada tele.com operations will not be affected in the restructuring.