Eircom reaches agreement with lenders over USD5bn debt default

15 Sep 2011

Ireland’s dominant telecoms group Eircom has reportedly reached agreement with key lenders concerning a waiver of debt terms which will avert a USD5 billion default, according to Bloomberg citing people with direct knowledge of the situation. However, a spokesman for the telco declined to comment on the waiver plan when asked, it added. It is understood the waiver requires approval from two-thirds of Eircom’s senior lenders.

The former monopoly is labouring under debts totalling more than EUR3.7 billion (USD5.1 billion) and struggling to comply with the terms and conditions of its loans as its austerity plan weighs heavily on its bottom line. It is understood the senior lenders are represented by Alcentra Group Ltd, Avoca Capital Holdings, Deutsche Bank, GSO Capital Partners, Harbourmaster Capital Management Ltd and Sumitomo Mitsui Financial Group Inc.

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