Reuters: Bankruptcy News: Court rejects Hutchison Whampoa bid to delay Eircom deal

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Court rejects Hutchison Whampoa bid to delay Eircom deal May 17th 2012, 15:25 DUBLIN | Thu May 17, 2012 11:25am EDT DUBLIN May 17 (Reuters) - Ireland's High Court on Thursday dismissed an attempt by Hong Kong firm Hutchison Whampoa Ltd to block the restructuring of Eircom on the grounds its bid for the struggling Irish telecoms firm was not properly considered. Eircom was granted court protection from creditors in March to allow it to restructure 3.75 billion euros ($4.9 billion) debt and its court-appointed examiner agreed last week to implement a company-backed plan where lenders would take control and cut the company's debt by 40-50 percent. The examiner twice spurned a 2 billion euros bid by Hutchison in the process and lawyers for the company controlled by Asia's richest man Li Ka-shing said that its offer had not been afforded due diligence.

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