Is Eircom about to go into Examinership?

[muppet]

http://www.independent.ie/business/irish/blackstone-ups-presence-here-with-eircom-holding-3054746.html


US-based Blackstone will be the biggest single shareholder in Eircom after the company goes into examinership at the end of the month, the Irish Independent has learned.

Oh and it technically defaulted on some of its debt according to this:
http://www.irishtimes.com/newspaper/breaking/2012/0320/breaking42.html

The International Swaps and Derivatives Association ruled that Eircom is technically in default over its debts, after the association said there had been a failure-to-pay credit event.

[Tubberman]

Yep, it looks like it. It's needed though - there is a huge debt of something like €3.2bn which is ridiculous for a company that operates almost exclusively in Ireland. There's no way the company can ever repay that debt, it can't even pay the interest on it really.
So the hope is that examinership will result in a lot of that debt being wiped out (probably in return for the first-lien lenders taking control of the company), which should make the company more viable and a more attractive proposition for investors.

[Denn Forever]

We're all going to be millionaires with FF.  Go on, buy some shares.

[Rossfan]

So another McCreevy/Harney wet dream scheme ends in disaster.
I still recall the silly arrogant grinning face of McCreevy when this privatisation was launched.

[All of a Sludden]

The High Court has heard today that voluntary redundancies will be required to save eircom, and its mobile subsidiary Meteor.

The insolvent telecoms business, which employs 5,500 people, is applying for the appointment of an interim examiner.

The court has heard the group is trading well, but is heavily indebted.

Senior lenders have agreed to write down debts of around €3bn if an examiner is appointed.

The court also heard that eircom will require significant investment to roll out its fibre network.

[seafoid]

The PDs and  FF. Between them they fucked up everything

[All of a Sludden]

The PDs and  FF. Between them they fucked up everything

Not quite true, Eircom was once an extremely profitable company its sale raised £6 billion for the state, but it has been poorly managed since privatisation and a once debt free company has been allowed to accrue massive debts. You can't really blame FF or the PDs for the poor management of what basically is a monopoly.