Reuters: Bankruptcy News: Eircom to emerge from court protection in June

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Eircom to emerge from court protection in June May 22nd 2012, 17:06 DUBLIN | Tue May 22, 2012 1:06pm EDT DUBLIN May 22 (Reuters) - Irish telecoms firm eircom will pass from court protection into the control of its senior lenders on June 11 after an Irish High Court approved the scheme of arrangement recommended by a court-appointed examiner. Eircom, granted court protection from creditors in March to allow it to restructure 3.75 billion euros ($4.9 billion) of debt, had agreed to support the proposal where the lenders would take control and cut the company's debt by 40 percent. The examiner twice spurned a 2 billion euro offer from Hutchison Whampoa Ltd, the Hong Kong-based company controlled by Asia's richest man Li Ka-shing, instead opting to make the group's most senior lenders its shareholders. "The Group entered examinership with the objectives of significantly reducing debt levels and placing the company's balance sheet on a stable financial footing for the medium to long term. These have now been achieved," outgoing eircom chief executive Paul Donovan said in a statement on Tuesday.

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