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Eircom wins headroom on bank covenants
LENDERS to struggling Irish telecoms group eircom have agreed to waive its debt covenants, averting a possible default on €3.8bn (£3.3bn) of debt, the company said yesterday.
The waiver, which lasts until 15 December, “provides a necessary period of stability that allows restructuring discussions to take place during the next three months,” eircom Group chief executive Paul Donovan said.
A source with direct knowledge of the vote said lenders had agreed to the waiver in an unanimous vote.