Court-appointed examiner rejects revised Eircom bid

11 May 2012

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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