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

EIRCOM has said it is proceeding with detailed discussions with its first-lien lenders regarding their restructuring proposal for the group.

London: Debt issued by Eircom Group’s parent companies faces down- grade if the borrowers fail to relieve pressure on loan conditions, said Standard & Poor’s said.