Eircom is technically in default, triggering the payment of credit-default swaps, according to the International Swaps and Derivatives Association.

EIRCOM Group Ltd’s first-lien lenders may write off some debt and seize control of Ireland’s largest phone company under a restructuring that could supplant proposals by owner Singapore Technologies Telemedia (STT), according to two sources familiar with the matter.

EIRCOM GROUP LTD, the Irish telecoms company, hopes to “shortly” agree terms of engagement with a committee formed to represent senior creditors in debt talks, said Paul Bradley, a spokesman for eircom, by telephone.

ESB Electric Ireland has secured a €22m contract with Eircom Group Ltd which will see it service Eircom’s strategic energy requirements over the next two years.

THE board of Eircom Group Ltd confirmed that Ned Sullivan has been appointed non-executive chairman and a director of eircom.