Examiner appointed to embattled Eircom where 1,000 jobs are in jeopardy
AN EXAMINER has been appointed to indebted telecoms firm Eircom where 1,000 jobs are on the line.
The High Court’s Mr Justice Peter Kelly said he was satisfied the company is insolvent and has a reasonable prospect of survival.
Eircom has nearly €4bn in debt.
Mr Kelly said he was aware that job losses are on the cards but he added the outcome would be worse if the company was wound down.
The court appointed Michael McAteer of Grant Thornton as examiner.
The examinership process gives the company court protection from its creditors for up to 100 day while it restructures.
Eircom is seeking to have €3.8bn in debts restructured by writing off around €1.7bn in bonds and corporate loans.