The examiner appointed to Eircom has turned down an offer for the group.
In a statement, Michael McAteer of Grant Thornton said he had received a conditional offer for the group.
But given its level and the conditions, he said he decided not to proceed with the deal.
Eircom said the examiner's decision was fully supported by senior lenders to the company.
Meanwhile, in line with its statutory obligations, the group has filed its annual historical accounts for the 2010/2011 financial year for the three companies currently protected by the court under the examinership order. These three companies are Eircom Ltd, Meteor Mobile Communications Ltd and Irish Telecommunications Ltd.
Revenues for the main trading company, Eircom Ltd, fell to €1.689 billion for the year, down 8% on the previous year after what the company called a ''challenging year''. Earnings before tax and interest were down 4% to €647m while the company finished the year with €459m in cash.
As a result of recent events, the company has been obligied to recognise a provision of €2.5 billion in respect of the guarantees given by the Eircom Group of debts under a senior facility deal.
And in line with international accounting standards, an impairment review of the Meteor Mobile business was carried out. This review resulted in an impairment of €370m. The company said that both these non-cash charges have resulted in an operating loss of €2.856m for the year.
The company also noted that its main superannuation pension fund measured at the end of last year had a deficit of €253m. The company cited market volatility but said it was satisfied that it meets the minimum funding standard.