Eircom’s principal creditors have apparently rejected the latest restructuring proposal put forward by majority shareholder Singapore Technologies Telemedia (STT), preferring instead to forge ahead with their own plans to take control of the company, according to Reuters citing people close to the situation. Yesterday the beleaguered Irish fixed and mobile operator confirmed that it has agreed terms with lenders to extend the waiver of the breach of its senior debt to EBITDA covenant until end-January 2012
Taken from:
OVETEL Eircom creditors reject STT restructuring plan, sources say
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