Smart Telecom is to exit examinership on Friday after the High Court approved proposals for telecoms provider Digiweb to acquire the firm.

The proposals included restructuring of Smart’s balance sheet and the acquisition of Smart’s business, residential customer base and assets by Digiweb. Smart telecom went into examinership on August 31st in a move to secure investment and restructures its debt.

The plans included plans for the substantial writedown of a €54 million loan and the deferral of a €4.1 million loan until 2011. A “second-ranking” loan of €12.5 million has been written down to €250,000 and will be discharged through the examinership process.