End of (another) era for Eircom

It looks set to fall into the hands of its creditors, but with a €3.7 billion net debt, Eircom faces a tough road ahead, writes Richard Curran.

12th May, 2012
The headquarters of Eircom, in Dublin's Heuston South Quarter. Photo: Photocall

Eircom's fate - of falling into the ownership of its bankers and other lenders - was more or less sealed last week when the company examiner decided to recommend a takeover offer from its creditors.

A late twist in the tale, which saw Hong Kong-based Hutchison Whampoa make a revised offer for the former state telecommunications company, fizzled out.

Michael McAteer of Grant Thornton, who was appointed examiner, had turned down an initial conditional offer...

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