The biggest examinership in the history of the state has finally come to an end.
The biggest examinership in the history of the state has finally come to an end. Eircom who officially entered the process on the 29th March 2012 have finally exited examinership with a structured 5 year plan that changes the ownership of the company and will see 1,000 jobs go through voluntary redundancies and/or natural wastage.
The plan which was compiled by the examiner, Mr. Michael McAteer, sees the creation of a new holding company owned by the group’s lenders and 40% of the company’s debt being reduced. The group is now backed by the US Investment giant Blackstone and sees Singapore Technologies Telemedia and an investment trust owned by Eircom employees lose their stake in the company.
This new restructuring of the company ends two years of talks between the company and its lenders.
Sourced from Irish Times and Irish Independent