Michael McAteer of Grant Thornton, the examiner appointed by the courts to oversee Eircom’s affairs since the business fell into insolvency at the end of March, has rejected a revised cash bid for the telco from 3 Ireland and its Hong Kong parent group Hutchison Whampoa. The Irish Times says the revised bid included a EUR50 million (USD64.7 million) cash component to floating rate note holders – the second-tier lenders who stand to lose under an alternative deal agreed by the examiner and Eircom’s senior lenders. The second offer, submitted last Sunday by 3 Ireland with Hutch’s financial backing, was otherwise similar to the original EUR2 billion bid, although the parent group removed all its previous conditions – excepting the right to due diligence.
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