Redundancies needed at eircom and Meteor, court told

The High Court has heard today that voluntary redundancies will be required to save eircom, and its mobile subsidiary Meteor.

The insolvent telecoms business, which employs 5,500 people, is applying for the appointment of an interim examiner.

The court has heard the group is trading well, but is heavily indebted.

Senior lenders have agreed to write down debts of around €3bn if an examiner is appointed.

The court also heard that eircom will require significant investment to roll out its fibre network.