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Eircom lenders slated

EIRCOM'S largest shareholder has criticised the company's lenders for failing to properly sort out its €3.7bn debts.

Singapore's state owned STT -- which itself owns two thirds of Eircom -- has expressed frustration at its inability to restructure the company's debts.

It is understood that STT has indicated its preference to hand over 20pc of its share to lenders and thus injecting €300m into Eircom.

Eircom's biggest lenders are currently owed €2.36bn.

STT claimed that a proposal had been made to lenders to restructure its debts on August 8 but that no progress has taken place.