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THE MAJORITY SHAREHOLDER in Eircom has resigned its representatives from the group’s boards and committees after the company’s lenders rejected proposals to restructure its massive debts.
ST Telemedia (STT), based in Singapore, had proposed a deal to restructure the telecoms company’s massive loans – of about €3.7 billion – but this was rejected by its first-lien lenders who account for over two-thirds of this amount.
In a statement this morning, STT said it had asked its representatives to resign from the boards “in the best interest of the Group”. It has also withdrawn the debt restructuring plan.
“We are disappointed that the [first-lien lenders] did not engage with us at all on this second proposal,” STT vice-president Terry Clontz said, referring to an original proposal which had been put to the lenders in August.
STT said its plan – which would have proposed a cash injection of €200m, half of it to be refunded if Ireland left the euro – gave Eircom “the best opportunity to be competitive and viable over the long-term, as well as maintaining some financial flexibility in the current challenging environment.”
The original August plan had been withdrawn after as the eurozone debt crisis continued to escalate.
Eircom chairman Ned Sullivan said the announcement provided “clarity” for the company.
STT owns 65 per cent of Eircom, with the Employee Share Ownership operation claiming the other 35 per cent.
Ah Jesus are the Irish really this stupid.
Pete
Is everyone out of step but me is the more appropriate expression. It would appear that your daily rants against the Government are in vain and being wrong is a lonely place !
Pete, the polls are fake. They only exist to swap public opinion.
Where are all the talking heads who were on here every night predicting the annihilation of the Government at the next election. Norman, I’m looking at you. The electorate isn’t stupid. They’re recognising progress and reacting to an improvement in our economy that is now real and tangible and can be felt on the ground. All you need do is walk up Grafton Street.
Zzzzzzzzzz
That’s all you got, Norman? You’re usually so vocal? You know. When predicting a second bailout, for example. Or when predicting that the Promissory note deal would be proven illegal. Or that FG and Labour would get obliterated at the next election. Cat got your tongue?
That must be why FG are only 8% a head of FF in the poll they party lest we forget delivered us into the hands of the Troika. As a leader Enda is only 4% a head of Martin leader of FF some vote of confidence in the policies and leadership of Kenny.
Kerry two cheeks of the one arse, guess where Labour fits
100% increase in support for the shinners and thats with gerry at the helm…the party is making great strides, nearly the second biggest party in the south….fantastic news!
Kevin, vocal? But yet all posts are in the written format(are you hearing voices? There is help you know).Also what has my tongue got to do with my ability to type.
Any chance of an adult comment.
Kerry. Bitter, much?
Oh dear, Norman. Really? That’s what you’ve got?
Kevin, no but for sc*m like you it’ll have to do.
Norman and Kevin, wtf is going on with you two
My veiws, nothing I just like winding him up.
I would love if the shinners were in power if the day ever came to have a referendum on the north joking Ireland, it would be hilarious to see their reaction to telling the north where to go :D
So Kevin when will I see the €180 a week the goverment are taken from my house back if the economy is doing better
not stupid just unable to deal with reality ,the debt has risen there’s a pension crisis unemployment figures being manipulated thousands either knocked of register or emigrated party hacks continuing to peddle the lies of their masters shades of the stupid Germans following Hitler but then there has never been much difference between fg and the Nazis ,when people are desperate they latch onto any sign of hope even if it is false
Norman, winding people up on political forums is pretty childish. It really goes to show what kind of mentallity you have!
I suggest taking you’re arguments to boards.ie
This might be up your street!
@Kevin Dobson
Jeeze, do you ever get tired sprouting your malice/hatred for others on this site?
I think you need psychotherapy dude!
Pete- You understand what “better” means, yeah?
I seem to have a Doppleganger again. Strange that, Norman- isn’t it? Or Weirdo Varadkar or whatever you call yourself these days.
Zzzzzz..ha ha.
The adage ‘eaten bread is soon forgotten’ should be borne in mind as we approach the next general election in the next few years. People have develop anmensia and consider voting back the party that destroyed our economy in the first place
The Icelandic people voted back in the party that was at the helm during the financial crisis, so reasonably possible it could happen here.Plus just 26% happy with the governments performance is not a great result.
Just for those of you who are confused, as people seem to be on this, this does NOT mean ”all the state aid given to banks 2008-2013 has been re payed” and it does NOT mean the recession is over.
Kingstown, a party did not destroy our economy, our entire social and political establishment was in on the crash and all they did was copy the UK-US establishment.
Journalists, most economists, most in politics all supported the same agenda of bad policy particularly deregulation of finance they were ecstatic about that the key cause of the crash. Ireland used to brag at business conferences 1999-2007 even that all our parties basically had the same economic policy, we pitched it as ”stability”.
When people began to speak up in 2007 yelling ICEBERG ICEBERG, I remember it clearly cos I was one of them, they were shouted down on message boards like this, called named, abused in national newspapers and called ”doom and gloomers”.
To beleive it was just one party is to indulge in tribalist thinking that is frankly beneath the intelligence of the average person, don’t let yourself be fooled, that thinking is just to dupe you into thinking one of the other parties is much better, to blind you to the reality that they all had the same economic agenda with very few small differences throughout the celtic tiger.
Have you forgotten how to spell amnesia?
This does not suit SF/IRA/Nazis.
Patrick no one from SF is serving a life sentence for killing un unlike the UK, Sergeant Alexander Wayne Blackman
http://www.smh.com.au/world/british-soldier-jailed-for-killing-afghan-20131207-hv4rl.html
Ivan, what about…?
Ryan, fair play n all but 2007 was FAR too late to be shouting Iceberg Iceberg!
Why are this lot getting any support /praise?
It’s we the people who are paying back 42% of the EU banking crisis. STOP calling it a bailout.
Is any other party saying that they will default on the debt inherited with the bailout loans?
Indeed.
What party has promised NOT to pay back the €64 in loans?
None of them.
Criticising the gov parties for doing what the opposition parties would do seems a bit rich.
Well said Robert , now who are the people they are polling , because 100% of the people I talk to would disagree with it !!!!!!
It’s all spin. Only a poll & a slippery one at that! It’s as meaningless as Richie Codgers waffle! Remember the last poll concerning abolishing the Seanad? I rest my case.
Exactly !
Would it be possible to identify those polled so I can try and slap some sense into them?
They dont exist
Polls are fake.
Poll taken outside the Labour Ard Fheis.
Bang on Jason.. Very spurious polls..
Nice news to wake up to. FG most popular party. Mr kenny most popular party leader. Labour climbing. FF static. And SF IRA down along with independents.
Doesn’t get much better. Now im really looking forward to hearing the spiteful doomsayers waffle their hateful armchair venem.
Economies go up and down. Especially one as small as ours that relies on pretty much on other countries doing well. Kenny and co in my opinion chose the wrong route to ‘prosperity’. The route they chose was the same as the cowboys in Fianna Fáil btw. Am I glad we are back in the markets? Of course I am, but remember who paid and is going to pay the price. It wasn’t our politicians or bankers.
So with respect I have to say that I take little or no solace in knowing FG are high in opinion polls, compared to who exactly is the question? Our politicians are a gang of JOKERS man. JOKERS. They wouldn’t last 5 minutes in the real world. Power hungry gobsh1tes who pass the ball back and forth every few years.
Whoop dee Doo! Go us!
PS 673 jobs on the rack in Kerry previous thread.
hahaha go on Ade!
Ade they wouldn’t last five minutes as a politician without their advisers
S/f at 21% is a fantastic level given all the bad press …. Which goes to show not everyone believes /cares in what the papers say.all those of you that have called them everything from the Ira to the mafia this is yet another day in a long line of days into which normal society looks to you and shouts ” shut up !”
your reading of stats sums you up dane….It’s correct the fascist party have seen a rise in support but the biggest winner is sinn fein….they have doubled their popularity since the last election…thats a 100% increase in support in a couple of years…onwards and upwards!
Somebody dared red thumb the capitaine??? :O Oh ye of little faith!
Englishby. Are you aware you aware you are descendants of english mercenaries (galloglasses)
I think their advisers are the problem… Fascist knuts the lot of them especially Cardinal Mark Machianelly
Labour 20% vote amongst the working classes …!! Yes,that’s something to celebrate!!
“venom”…great to be educated !
@rotund I’m well aware but sure what does that matter ?? My family I’m proud to say took part in the war of independence and were republican to the core but f/f and s/f support … But your right it’s actually mac an gillogly I think ! (Son of foreign soldier)
The Irish forget so quickly..these two rob you thru the letterbox ,two posh to wear a balaclava ..
Dane is obviously a member of either FG or Labour; or brainwashed.
I actually don’t believe these figures, people surely cannot be so ygullible and stupid in Ireland…oh wait!!
Jonny
Why would you so spitefully attack such a majority!
@Ritchhie.
“Is everyone out of step but me” is the more appropriate expression. It would appear that your daily defense of the Government here is all in vain and being wrong is a lonely place…………….
Really ironic that you are attacking each poster here who does not support your beloved party while asking them “why would you spitefully attack the majority”….
You will get the government you deserve………..
Or maybe a sister
Very effective work by the spin doctors as usual. I am impressed but saddened by that news.
The Irish public must be spin doctors so as its an opinion poll you idiot
I read this on CNBC website this morning;
http://www.cnbc.com/id/101267557
Main points…
1) Ireland is not exactly out from under the wing of its international lenders, the “troika” made up of the IMF, ECB and European Commission, yet. It will have “enhanced supervision” until 75 percent of its debt has been repaid, a process which is likely to take years, and the IMF is keeping an office in Dublin.
2) Irish banking system is far from out of the woods. A recently completed balance sheet assessment of the bailed-out banks: Bank of Ireland; Allied Irish Banks and Permanent TSB, by the Central Bank of Ireland, concluded that all three have not made adequate provisions for bad loans. Nearly a third of buy-to-let mortgages are in arrears.
Economist David McWilliams has pointed out that the IMF has reserved the right to make a “capital levy” – so a similar move to the tax slapped on bank deposits in Cyprus could be made if debt levels are not brought down quickly enough, penalizing those who still hold large deposits in Ireland’s remaining banks.
3) Finally, the Irish government has not yet announced its plans for the post-bailout economy.
This government will cut or remove the USC charge just before the next general election, to ensure a surge they stay in power.
I would only opt to choose one of our leaders in a poll if the question was “which politician would you like to see publicly hung upside down, using barbed wire, by their genitals.?”
+1 :)
Kevin just as a matter of interest why would you rather have FF back in power again? Without going into some rhetoric about a “new party” you must accept that we have two parties in this country who can have power. FF and FG and there’s nothing else so it’s either the ones that are screwing us right now to try and fix the problems or the ones that have screwed this country for the foreseeable future by creating these problems, pick your side.
Lets hope karma sorts you out Kevin and perhaps you do have that situation in your own family :)
Adams.
Only if the above question was in the poll would I answer. If it wasn’t, I would tell the pollster to go bother some fool that had the time to answer dumb questions.
Karma would actually be to see one of the Muppets that allowed this country to go down the toilet, getting the justice they deserve.
We’re…..DOOMED!
It can’t get any worse than the last 3 years. Ireland is on the up again.
We have been handed an…ILLUSION!
Or maybe you are WRONG
The polls are fake. They only exist to swap public opinion.
That’s generally the idea of a poll, to take a snapshot of public opinion. Why is that fake?
Swap not swap.
Sway….. not swap.
They don’t work then do they
You didn’t seem to think they were fake when they were indicating a rise for SF!
Me?
Why is the Sinn Fein percentage, which is 21% in this poll, one behind FF and within the margin of error not noted in your article? For the month our party has gone through this is nothing sort of brilliant.
I see what you mean, it’s just noted that SF is down 2%. Bit odd…
But is the journal not completely pro SF? Judging by the comments it is so I wonder is the journal itself not? Why then does it attract so much SF support?
Brendan
I don’t believe that the damage caused by Adams appalling mouthing on the murder of two senior police officers in the Republic by his friends or the covering up of information on a child rapist have really hit home yet. Perhaps we shouldn’t also forget that the body of that poor woman who was tortured before being shot and buried was also in County Louth where the same man gets elected as Leader of Sinn Fein.
The man is a liability.
It’s even more odd considering Gerry Adams recently difficulties that he is still more popular than Eamon Gilmore.
a great result considering the government mudslinging machine has been in overdrive…a 100% increase since the last election…onwards and upwards
Richie,please forward all evidence you have of any wrong doing to the Gardaí.
Your post is unoriginal.
But keep it up,the more you spout it the less people want to hear it.
Surely this is no surprise to the regular contributors here?
Some people have very short memories!!!
Supporting these b@stards shows their mentality.
And we will all suffer because of it.
We’re f****d.
Doomed I tell you, my job is doing great, bit shakey a few years back. But it now its grand. Good man Enda
The poll must be constructed of their cronies to get this result!
Sf support comes overwhelmingly from younger people. If they have dropped in support i would put it down to emigration.
Younger people = 10 years of age and under.
Yes patrick. Younger than 11 equals 10 years of age and under. Are you a mathematician? Your knowledge is astounding.
I am happy that you are astounded and I hope to keep you astounded in the future. And I do have a degree in mathematics.
competency in counting with an abucus is not a degree patrick
Sean,abacus …tut-tut
Any chance of the people of Ireland getting a bailout now……I think fookin not!!!
Crap. More spin. Lies.
This is pure lies !! Spin spin spin !! This government like FF and greens are doomed come Election Day
James, all the parties are the same. No party is doomed. Multiple parties exist to give us the illusion of choice. Just think back to the bank bail-in and the referendums as recent examples
The banks are the government. The blundering imbeciles in Leinster House are there to deflect public anger away from the real power. Arguing, like voting for or against one party or another, is a futile exercise. Busy work to keep the little plebs occupied with nothing. Politics is a smokescreen, sleight of hand, a diversion.
This is the feel good factor wait until next years budget there will be a different song on the journal.
You won’t have to wait that long, full year’s property tax kicking in just before the locals should make things interesting.
How much do the government partys pay their spin doctors yes a huge amount the poll is spin at its best .
Why would anyone consider supporting either of theses parties? They have singlehandedly robbed the poor, old, the invalid and the children of this country to fund the payment of massive private debts which were never the debts of the taxpayer. They have also broken every single election promise they made.
And no I am not trolling for Fianna Fáil. I believe in a socialist ( not Marxist) society where all the weaker sections of society are the first concern of Government not the last
This so called attempt at positive spin, by Government pumping up the volume on “bailout exit” is little more than a false dawn.
In reality, despite our: rent a spin administration, since 2011 there has been zero meaningful improvement in the Irish economy at large with some 13.6% of the population still unemployed in July 2013 and unemployment set to remain circa 13.59% into next year and likely beyond (Source: Trading Economics).
However, while in some small pockets of the economy the negative trend seems to have been bucked such seems to have occurred despite the Governments overall corrosive actions.
So, what then are the potential “fatal attributes” which according to respected Economist: David McWilliams our economy is still immersed in?
1/ A credit crunch
2/ An overvalued exchange rate
3/ Increasing explicit taxes
4/ Stealth taxes of all sorts
5/ A massive fiscal contraction
6/ Negative equity
7/ An economy one fifth smaller than it was in 2008 with 400,000 less people living in it.
So folks, in the name of all that is rational, how in the real world, could there possibly be any level of increased support for any administration which facilitates such a backdrop for an economy as described above?
David McWilliams uses the word “poisonous” to describe it.
I would add the additional words: significantly corrosive.
Roll on the next GA.
You see frank lennon not everyone has an armagedon view of the irish economy. The fact that it is improving doesn’t suit the doomsayers like you who seem to sadly revel in a web of self pity, jealousy and negativity.
By the way your unemployment figures are wrong or out of date.
I and the rest of the silent majority will happily vote FG LAB in next election.
Its improving in spite of the crappy government no because of it Dean/Kevin
The government flying high and the shinners taking a monumental whipping (more denial to come), this is like a carlsberg advert
What happened was “Kenneth” banned?
hahaha you muppet …they have grown 100% in support since the last election
If you chose to describe a drop from 23% – to 21%, within the margin of error, a monumental whipping that is up to you.
The following figures might put things slightly more in perspective however.
FG Election result 36.1% – current poll 30% a drop of 17% since 2011
Lab Election result 19.4% – current poll 9% a drop of 54% since 2011
FF Election result 17.4% – current poll 22% an increase of 26% since 2011
Sinn Fein Election result 9.9% – current poll 21% an increase of 125% since 2011
Great news indeed Brendan!….time for us to mop up some of that FF vote
Sinn Fein are way ahead of every other party when the working class were asked !
Oh well SF support must equate to a united Ireland any day now :D
Don’t know about that,Kenneth,,but,if that’s what you’re hoping for,then, I hope it will come true for you!
Sinn Féin support is also strongest amongst the groups that are least likely to vote – the working class and the young – so that’s why SF don’t do as well in elections as they do in polls. It’s also why FF in general do better as they’re normally stronger in groups that vote in higher numbers – e.g. the old.
Brendan, if, as I suspect, those election result figures are % of TURNOUT then there is little to no relevance in comparing them to a poll %……….for any party. Apples and pears. Apart from which, it is pretty easy to achieve just about any poll % you want, as previous polls have demonstrated.
This poll is fake. Propaganda worthy of a corrupt Soviet state. Anyone who believes it is a gullible cretin without an iota of a critical faculty in their vacuous cranium.
Dean Swift said it all
“He gave the little Wealth he had,
To build a House for Fools and Mad:
And shew’d by one satyric Touch,
No Nation wanted it so much.”
Not all Irish people are stupid , there are some really fecked up people on here if we didn’t take the bailout you’d be complaining about.
Job well done lads.
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