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Eircom misses payment to lenders

  • 16-02-2012 5:52pm
    #1
    Ranicand
    Closed Accounts Posts: 1,960 ✭✭✭


    Incumbent telecoms operator Eircom said today it has not made the bond payment to lenders that was scheduled for 12 February.

    Eircom, which is lumbering under a massive €3.65bn debt, is expecting to receive offers by potential buyers in mid-March.

    “Further to the announcement on 9 February 2012, ERC Ireland Finance confirmed today it has not made the FRN coupon payment scheduled for 15 February 2012."

    Floating rate note (FRN) coupons are bonds that pay out interest every few months.

    Eircom said the non-payment does not impact on the continued operation of the Eircom business.

    “All Eircom and Meteor services and payments to suppliers continue as normal.

    “The Eircom Group continues to work closely with its senior lenders on the balance sheet remediation process to provide a sustainable capital structure for the group," Eircom said.

    Last month, Eircom appointed Morgan Stanley to oversee the sale of the company.

    In December, a €200m proposal to restructure Eircom by shareholder ST Telemedia (STT) was rejected by the Irish incumbent operator's first lien lenders and as a result STT members of Eircom's board resigned with immediate effect.

    http://www.siliconrepublic.com/business/item/25818-eircom-misses-payment-to/


Comments

  • #2
    starviewadams
    Registered Users, Registered Users 2 Posts: 6,116 ✭✭✭starviewadams


    Sky are entering the Irish BB market,source:

    https://bskyb.taleo.net/careersection/corporate/jobdetail.ftl

    We have an exciting opportunity for a Senior Product Manager, to work within the Product Management team responsible for launching Sky’s Broadband & Talk portfolio in ROI.

    Please note: this role is based in our Dublin office with regular travel to our Osterley, Middlesex office.

    Wonder if they'd be interested in buying Eircom,or Eircom's infrastructure.


  • #3
    PogMoThoin
    Closed Accounts Posts: 13,874 ✭✭✭✭PogMoThoin


    starviewadams wrote: »
    Wonder if they'd be interested in buying Eircom,or Eircom's infrastructure.

    Doubtful until the debt is written off, they'll sit and wait. Doubt they're the only ones waiting, I bet O2, Vodafone and Three are all waiting to snipe.


  • #4
    Nothingbetter2d
    Closed Accounts Posts: 4,037 ✭✭✭Nothingbetter2d


    starviewadams wrote: »
    Sky are entering the Irish BB market,source:

    https://bskyb.taleo.net/careersection/corporate/jobdetail.ftl

    We have an exciting opportunity for a Senior Product Manager, to work within the Product Management team responsible for launching Sky’s Broadband & Talk portfolio in ROI.

    Please note: this role is based in our Dublin office with regular travel to our Osterley, Middlesex office.

    Wonder if they'd be interested in buying Eircom,or Eircom's infrastructure.

    i doubt it.... eircom's infrastructure is too antiquated.

    sky will likely go the wireless route. maybe even make a bid for dodgy web's infrastructure given that dodgy web already have a satellite broadband system in place.


  • #5
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    Thread on the eircom Default running here.

    http://www.boards.ie/vbulletin/showthread.php?goto=newpost&t=2056545059


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