EIRCOM GROUP SUBMITS APPLICATION FOR EXAMINERSHIP TO IRISH HIGH COURT
IMPORTANT STEP TOWARDS THE EMERGENCE OF A SUSTAINABLE EIRCOM
CUSTOMERS AND SERVICES NOT IMPACTED DURING PROCESS
SUPPLIERS TO CONTINUE TO BE PAID AS PER AGREED TERMS
eircom Group has announced that three of its subsidiaries eircom Limited, Meteor Mobile Communications Limited and Irish Telecommunications Investments Limited, today submitted an application to the High Court in Dublin to be placed in Irish examinership. Mr Justice Peter Kelly has confirmed Court protection for the three companies and will give his decision on the appointment of an interim examiner tomorrow.
The Group has entered the examinership process with the objective of placing the company’s balance sheet on a stable financial footing for the medium to long term, with reduced debt.
It is business as usual for all eircom operations. All existing voice, broadband and data services provided to our residential, business, Government and corporate customers will continue. The company intends to maintain its existing relationships with all suppliers and honour all outstanding work and payment agreements.
There will be no direct impact on eircom employees who will continue to provide top class products and services to customers. Staff will continue to be paid on time as per agreed arrangements. The eircom management team, under CEO Paul Donovan’s leadership, will remain in control of the company’s day-to-day operations.
The Chief Executive of eircom Group, Paul Donovan, said: “This is a necessary and unavoidable step on our journey to addressing the unsustainable level of debt on our balance sheet and continuing our operational transformation into a vibrant and competitive company. I would like to reassure all our customers, suppliers and employees that it is very much business as usual during the examinership process.”