Eircom looking at examinership

cookie1977

EIRCOM chief executive Paul Donovan will leave the company at the end of the year.

http://www.independent.ie/business/irish/eircom-boss-steps-down-for-personal-reasons-3063107.html

It also appears that Eircom is days away from filling for examinership If as expected this happens it completes the fall from grace of the company from the high surrounding it's initial flotation. A bit sad really.

Hogzy

cookie1977 wrote: »

http://www.independent.ie/business/irish/eircom-boss-steps-down-for-personal-reasons-3063107.html

It also appears that Eircom is days away from filling for examinership If as expected this happens it completes the fall from grace of the company from the high surrounding it's initial flotation. A bit sad really.

In fairness though. Given their massive debt, who didnt see this coming?
Examinership might actually do the company good.

People shouldnt get confused between examinership and Receivership/Liquidation

cookie1977

Of course, hence why I linked to examinership. It's still an indication of how the company can't fund itself which while it might mean a way back for the company, it'll be a far different one that exits examinership if it can which is sad to think. Especially when we remember the politicians saying how wonderful it would be when it floated.

Hogzy

cookie1977 wrote: »

Of course, hence why I linked to examinership. It's still an indication of how the company can't fund itself which while it might mean a way back for the company, it'll be a far different one that exits examinership if it can which is sad to think. Especially when we remember the politicians saying how wonderful it would be when it floated.

It would be interesting to see if examinership is actually granted or not. The court must be satisfied that there is a viable route out of trouble before protection is granted. Otherwise the court wont protect it. It will be a very bad sign if examinership is not granted. Eircom would be un-salvageable.

cookie1977

Worse still, they still hold the keys to the state's infrastructure

I am a friend

It spins a lot of cash...

That management team should be taken out and ....