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Ireland’s Eircom waits for takeover bids
19 April 2012
Irish high court puts Eircom under creditor protection as Morgan Stanley is appointed to look for a buyer
Ireland’s high court has put Eircom and its two subsidiaries, ITI and mobile operator Meteor, under the republic’s version of creditor protection, by appointing an accountant as examiner.
Meanwhile Morgan Stanley has been appointed to deal with parties looking to acquire the companies as a whole. The interim examiner has set a deadline of April 23 for non-binding offers and May 7 for binding ones, but no formal expressions of interest have yet been received.
The court confirmed that Michael McAteer of Grant Thornton will be the examiner, looking after restructuring for the debt-laden company. The move gives the company up to 100 days to restructure.
An independent accountant as well as the interim examiner told the court the companies had reasonable chances of surviving as a going concern.
Eircom’s total debts are estimated at around €3 billion. The company was owned by an Australian bank, and was later taken over by Singapore Technologies Telemedia. GTB
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