Irish former monopoly Eircom limped towards a successful exit from examinership status last Friday, after the firm’s creditors backed a plan that will result in the group’s gross debt levels being cut to EUR2.35 billion (USD3 billion) from the current EUR4 billion. The scheme of arrangement was supported by all the telco’s first and second lien lenders, although those groups holding floating rate notes (FRNs), who are currently owed a total of EUR350 million, did not support the scheme. The FRNs stand to be wiped out under the proposed debt restructuring plan and it remains to be seen whether or not they will challenge the rescue plan
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OVETEL Creditors back Eircom debt reduction plan
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