Eircom has been stumbling towards insolvency since it was taken over in 2006 by an Australian private equity fund, run by Babcock & Brown. The near-inevitable appearance by the company's lawyers in the Dublin High Court last week seeking examinership has been in the script for a long time.
No company can defy the laws of financial gravity, no matter how heavily engineered its balance sheet may be. Eircom has suffered from a decade-long decline characterised...
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