Interim examiner appointed to Smart Telecom

Communications firm Smart Telecom today announced that it has entered into an examinership process.

John McStay, of McStay Luby Chartered Accounts has been appointed as the interim examiner for the company by the Commercial Court.

The decision to enter an examinership process is being led by the company’s board of directors and supported by Smart’s senior lending group.

The initiation of the process follows the conclusion of an extensive strategic review by the company’s financial advisors, Collins Stewart, that, it is claimed, revealed significant expressions of interest in the company.

Smart said that is currently in advanced discussions with a small number of third parties who have expressed interest in acquiring the entire customer base and assets of the company.

The firm stated that it intends to utilise the examinership process to finalise the terms of an investment or merger with one of the interested parties.