The Irish Independent newspaper writes that the asset management firm Blackstone Group is preparing to table a bid for Ireland’s ailing fixed and mobile operator Eircom. It is understood a proposal to take control of the business could be in place before the end of this week. The telco put itself up for sale in January 2012 as part of its goal to restructure its EUR3.75 billion (USD4.9 billion) of debt and avoid a default. Citing people familiar with the situation, the paper writes that Blackstone GSO, a major lender to Eircom, is offering it a further EUR150 million loan in exchange for reinstating its old loans on better terms and a share of control on an equal basis to other lenders. The telco has declined to comment.
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