Eircom to get tough on banks over debts deal

Eircom owner Babcock and Brown Capital is to seek new lenders if members of its banking syndicate do not agree to cut the interest rates they charge on the company’s loans.

26th May, 2007

Eircom owner Babcock and Brown Capital is to seek new lenders if members of its banking syndicate do not agree to cut the interest rates they charge on the company’s loans.

Babcock said last week it had secured the agreement of most of its banks to renegotiate debts of €3.2 billion, but that a number had yet to give their consent to a new deal.

The new arrangements will save the Australian investment...

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