Donovan: Eircom wanted less debt after its proposed restructuring

The board of Eircom told the group representing the company's senior lenders that it would have preferred a lower level of debt following the proposed restructuring.

31st March, 2012
Donovan: Eircom wanted less debt after its proposed restructuring
Paul Donovan.

The board of Eircom told the group representing the company's senior lenders that it would have preferred a lower level of debt following the proposed restructuring, according to Eircom chief executive Paul Donovan.

He said that, while the board supported the banks' proposal to reduce the total borrowings from around €3.8 billion to €2.3 billion, a lower level of debt would have been preferable. However, Donovan does not believe that further bank writedowns will be...

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