Saturday, 3 December 2011
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Independent.ie, 3 Dec 2011
EIRCOM is certain to be taken over by its lenders after its owners shunned a second deadline to make an offer to stay in control of the business.
ST Telemedia, Eircom's Singapore-based majority owner, and the Eircom employee shareholder trust failed to table an offer for the company after an extended deadline to submit bids passed last night.
ST Telemedia bought a majority stake in Eircom for just €30m two years ago, but the deal left the company saddled with an unsustainable €3.7bn debt burden built up by its previous owner.Full story
Lenders to take over Temasek's Eircom as debt deal falls through
EIRCOM is certain to be taken over by its lenders after its owners shunned a second deadline to make an offer to stay in control of the business.
ST Telemedia, Eircom's Singapore-based majority owner, and the Eircom employee shareholder trust failed to table an offer for the company after an extended deadline to submit bids passed last night.
ST Telemedia bought a majority stake in Eircom for just €30m two years ago, but the deal left the company saddled with an unsustainable €3.7bn debt burden built up by its previous owner.Full story
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