Eircom’s rescue plan, currently in the throes of being finalised by the court-appointed examiner Michael McAteer, has been thrown into doubt following an unprecedented application to the Commercial Court, which is expected to be heard today. Local press reports say that with McAteer poised to conclude a rehabilitation plan with Eircom’s creditors on Friday, New York-based DW Investment Management, which is representing 52.4% of creditors holding EUR350 million (USD448 million) in floating rate loan notes in troubled carrier Eircom, and Hong Kong-based Hutchison Whampoa, the parent company of Irish mobile phone operator 3, are seeking recourse through the courts following the examiner’s decision last week to reject a revised EUR2 billion cash offer from 3 Ireland and Hutch.
Original post:
OVETEL Eircom rescue plan thrown into doubt following court application
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