Eircom in last bid to find buyer

Eircom, as part of plans to restructure its €3.75 billion debt, is planning a final attempt to find a buyer, with a March 12th bid deadline, according to two people with knowledge of the matter.

The company said in documents to its senior lenders that adviser Morgan Stanley was preparing for the sale process, said the sources. Eircom’s board will make a final decision on its sale plan after the first-lien lenders vote next week on a covenant waiver extension being sought by the company, one source said. Eircom sought the extension after it entered talks last month with lenders on a debt restructuring plan. The lenders envisage writing off about 8 per cent of their €2.36 billion of loans. – (Bloomberg)