THE owner of struggling telecoms group Eircom has asked its most senior lenders to accept a 25% loss on their debt and wants a guarantee any money it invests is protected if Ireland leaves the euro, a source told Reuters yesterday.

SINGAPORE Technologies Telemedia, the owner of Irish telecoms group eircom, submitted a restructuring proposal to its independent directors and senior lenders yesterday in a bid to keep hold of the debt-laden company.

EIRCOM has received two proposals from its lenders on how to restructure its €3.75 billion debt, but its shareholders, Singapore Technologies Telemedia (STT) and the trade union ESOT, have not submitted a proposal.

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’sindependent directors have set a November 18 deadline for investment proposals as the country’s biggest phone company seeks to restructure its debt, according to two sources.

TELECOMS entrepreneur Denis O’Brien has put together a “crack team” to determine if a bid to take over troubled debt ridden Eircom could pay-off.

Dublin: Struggling telecoms group Eircom has officially recognised the co-ordinating committee representing first lien lenders, it said yesterday, allowing talks on restructuring its debt pile to start.

STRUGGLING consumers are cancelling Eircom subscriptions in a bid to cut costs and are becoming increasingly cautious.

Eircom today announced the membership of its board following the acquisition of Australian-based eircom Holdings Limited (ERC) by Singapore Technologies Telemedia (ST Telemedia) and eircom ESOP Trustee Limited (ESOT).

The final step in the sale of the Australian-based eircom Holdings Ltd (ERC’s) shareholding in eircom was concluded today with Singapore Technologies Telemedia’s (ST Telemedia) acquisition of a controlling interest in the company in a €140m cash and shares deal.

EIRCOM has finalised plans for its fifth change of ownership in 10 years as state-owned telecoms group, Singapore Technologies Telemedia (STT) prepares to make its first acquisition outside of Asia.

Opposition TDs today demanded improved investment in the telecoms sector if a proposed takeover of Eircom goes ahead.

The Australian owners of eircom have agreed a deal with a Singaporean company for a takeover of eircom.

EIRCOM refused to give any update, yesterday, on where the likely takeover by Singapore Technologies Telemedia (STT) currently stands, but did say that it remains on track to lower its annual operating costs by €130 million within two years.

A REVISED takeover bid for Eircom by Singapore Technologies Telemedia (STT) has been turned down, but the Irish telecom’s current Australian-based owners remain hopeful that a deal can be reached with the far eastern-based company.

EIRCOM Holdings has rejected a takeover offer it received for the group from Singapore Technologies Telemedia on the grounds that the bid is inadequate.

THE Eircom takeover bid from Singapore Technologies Telemedia is the only game in town, according to union representing the majority of workers in the former state monopoly.

Hutchinson Whampoa and Singapore Technologies Telemedia have ended talks to buy telecoms company Global Crossing Ltd.