The independent directors of Eircom’s holding company, ERC Ireland Holdings Limited, yesterday said they were extending the deadline for interested parties to make proposals to restructure the telco which has debts of €3.7 billion.
The original deadline was yesterday but has now been extended until December 2nd “to allow interested parties a further period of time to prepare and refine their submissions”, the directors said in a statement.
It was expected that two proposals would be lodged yesterday. Existing shareholders STT and the employee Esot share trust were expected to submit a proposal to inject about €300 million into the business. Negotiations were taking place with London-based Communications Ventures Partners (CVP) to come on board the deal. An alternative proposal is also expected from second-lien lenders to the company, who face losing all of their money in the restructuring.
Denis O’Brien said this week he would not be tabling an offer.
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