A new survival scheme for Eircom has been approved by the High Court today.
The five year survival scheme, proposed by examiner Michael McAteer, will see Eircom and related companies exit examinership on June 11th.
Some 1,000 jobs will go through voluntary redundancies over the coming years.
Eircom currently employs nearly 6,000 people. The scheme will enable most of these jobs to be saved.
Last week, an application by Hutchison Whampoa, parent company of mobile phone operator 3 Ireland, to allow it to move to the next stage of the bidding process, was rejected.
Mr Justice Peter Kelly approved a business plan and restructuring proposals aimed at reducing the companies crippling indebtedness to €2.35 billion from €4 billion.
There is the added advantage of securing their future over five years.
The companies had some €22m cash ahead of projected figures at this stage, he noted.
A line of credit was also to be made available by the companies secured lenders.
