Eircom considers listing on stock market for a third time

Friday 11 April 2014 19.27
Eircom has been listed on the Irish stock market twice before
Eircom has been listed on the Irish stock market twice before

Eircom is considering a return to the stock markets as part of the company’s ongoing financial restructuring attempts.

In a statement, the telecoms group said a return to a public market was one option being explored as part of an attempt to strengthen its financial position.

A fresh flotation would mark the third time Eircom had listed on the stock markets.

The company, formerly Telecom Éireann, was floated by the Government in 1999 but was taken private by the Valentia Group two years later. It refloated in 2004, only for it to be delisted once again in late 2006.

In 2012 the group entered examinership, blaming the burden of the large debt held by the company.

It exited that process in June 2012, with 40% of its debt being written off as part of its restructuring.

At the time the company announced plans to reduce staffing levels by 1,000 over the following five years.

Eircom has also agreed amendments to a number of its remaining loan facilities, extending their maturities from 2017 to 2019.

It said it was now hoping to take further steps to improve its financial position and has appointed Rothschild as an independent financial adviser to assist in the process.