Senior lenders have taken full control of Irish telco Eircom after the company completed a restructure that reduced its debt by EUR1.7 billion, reports the Financial Times. The company – which owns Ireland’s third largest mobile operator Meteor – was given court protection in March to allow it to restructure EUR4.1 billion of debt in a process known as examinership. Blackstone, Deutsche Bank and several hedge funds have now taken ownership with the backing of the Eircom board, after Hutchison Whampoa failed with a takeover bid through its 3 Ireland division.
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