MOBILE PHONE COMPANY Digicel, run by Irish billionaire Denis O’Brien, has announced an end to its interest in taking control of Eircom.
Digicel had considered making a bid for the telecommunications company, which is carrying debts of around €3.8 billion, last week according to RTÉ.
Heavily-indebted Eircom, majority owned by Temasek unit Singapore Technologies Telemedia (STT), has been in talks about debt restructuring for months, Reuters reports. However, today the company’s most senior lenders were told that the talks concerning a takeover would go no further.
“Denis O’Brien has today informed the First Lien Committee at Eircom that he will not be proceeding with a proposal for the company,” a statement released tonight explained.
The company’s independent investors now have until 18 November to propose a plan to restructure the multi-billion euro debt.