Ireland’s under pressure former monopoly operator Eircom yesterday released a sale process update, announcing that it has agreed ‘in principle’ to support a revised proposal submitted by the coordinating committee of its First Lien Senior Lenders (FLCC). In a statement Eircom said the proposal has been presented by the committee to the senior lender syndicate and that the telco ‘will continue to work with the FLCC to finalise this revised proposal as the next step in the balance sheet remediation process to provide a sustainable capital structure for the group’. Furthermore, Eircom’s board confirmed that it has ‘assessed and rejected’ indicative bids for the company received by the 12 March deadline for submission of expressions of interest in response to the sales process initiated in January.
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