| 13.1°C Dublin

¤1.5bn loss at Eircom

TELECOM group Eircom recorded a massive loss of €1.49bn in the year to the end of June 2011.

The group breached its covenants with senior lenders on June 30, 2011, and its loans were called in on March 28 this year which resulted in the company seeking the protection of the court via examinership.