who are eircon codding ?

neiphin

https://berbens.nl/wps/wcm/connect/d9d62a00474ed9dcb82df9a69ab04e68/361569_20110621Eircomndringafanbefaling.pdf?MOD=AJPERES&CACHEID=d9d62a00474ed9dcb82df9a69ab04e68Over the past week, there have been rumours and reports in the media about Eircom, which have lead to selling pressure on Eircom’s bond issues. Bloomberg has talked to ’two people familiar with the situation’ who both said that Eircom wants creditors to cancel debt of up to EUR 1bn.
Reportedly, the Floater 2016 and the PIK 2017 issues will be requested to cancel part of their debt while second priority bank debt will be requested to cancel a minor share and receive shares in return for the acceptance of this.
Eircom has subsequently not wanted to comment on Bloomberg’s article.
There is nothing new in the rumours or the article. There is no doubt that Eircom will present a restructuring offer to the creditors, the question is only how aggressive the offer will be.
http://www.independent.ie/business/irish/fears-over-eircoms-euro1bn-debt-pile-spark-bond-slide-2677610.html
Friday June 17 2011
EIRCOM'S bonds plunged in the secondary market yesterday over reports the company could try to renege on €1bn of debt.
The price paid in the markets for a €350m slice of floating rate notes (FRN) fell from just under 30pc of face value to the low 20s traders said.
It came after two sources told the Bloomberg news service that Eircom could seek haircuts on its subordinated debts -- including the FRNs and a €343m bigger slice of even lower ranked payment in kind (PIK) notes.
Second-lien loans -- which sit between the senior and subordinated debt -- could be offered shares in the company in exchange for their loans, the source said.




who will lend to these asset strippers ?
eircon is loosing market share every week
can people not see through all this bluff ?
that company will be sold twice before this fiber optic cable will be shelved

ninjasurfer1

who will lend to these asset strippers ?
Definition of asset stripping: The process of buying an undervalued company with the intent to sell off its assets for a profit.
While Babcock and Brown can be accused of trying this, the current owners STT are awaiting the outcome of eircom's attempted debt refinancing before committing to invest (or not). No hint of asset stripping from them yet.
eirconM is loosing market share every week
- agreed. Hence the seeking new ways to compete - Such as investing €100 Million in rolling out fibre.
can people not see through all this bluff ?
- What bluff? Its called debt restructuring. One Definition: "The reorganization of a company's outstanding obligations, often achieved by reducing the burden of the debts on the company by decreasing the rates paid and increasing the time the company has to pay the obligation back. This allows a company to increase its ability to meet the obligations. Also, some of the debt may be forgiven by creditors in exchange for an equity position in the company".
Happens quite a lot when companies are in financial trouble. - As for bluff, one would assume the creditors know more about eircom's true financial situation and the level of bluffing than boards.ie members. :rolleyes:
that company will be sold twice before this fiber optic cable will be shelved
- Since you're presenting this as a fact, Can you supply a link please? I'm sure the creditors would love to know of this before they come to a decision...


tbh, it's hard to take your points seriously if you can't even spell the name of the company correctly.

neiphin

ninjasurfer1 wrote: »

tbh, it's hard to take your points seriously if you can't even spell the name of the company correctly.

no good if i have to explain it

ninjasurfer1

I know what its meant to stand for.

My point is, if you were looking for a reasonable discussion based on your questions, it helps to at least pretend to be interested in a fair debate rather than just taking the opportunity to cast slurs.
tbh, it lends credence to the idea that the post would be better suited to the ranting and raving forum.