Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

O'Brien won't go ahead with Eircom bid

Options

Comments

  • Options
    #2
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    No surprise


  • Options
    #3
    clohamon
    Registered Users Posts: 1,769 ✭✭✭clohamon


    bealtine wrote: »

    It is understood that Denis O'Brien will not be proceeding with a bid for telecoms group Eircom.

    That's a pity. As capitalist behemoths go, he isn't the worst. Esat, digifone, digicel and others are/were growing businesses while under his ownership. He isn't afraid to invest big - in contrast to the succession of strip-and-flip merchants that have plagued eircom.

    If Charlie McCreevey hadn't altered the 2002 Finance Act to favour O'Reilly's Valentia consortium, things might have been a lot different.


  • Options
    #4
    neiphin
    Registered Users Posts: 410 ✭✭neiphin


    e3.5--e3.8 billions in debt
    infrastructure falling down
    no maintenance done since it was sold off
    all the assets stripped out years ago

    o"brien is not a fool


  • Options
    #5
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    clohamon wrote: »
    That's a pity. As capitalist behemoths go, he isn't the worst. Esat, digifone, digicel and others are/were growing businesses while under his ownership. He isn't afraid to invest big - in contrast to the succession of strip-and-flip merchants that have plagued eircom.

    If Charlie McCreevey hadn't altered the 2002 Finance Act to favour O'Reilly's Valentia consortium, things might have been a lot different.

    Yeah the problem with him is he isn't stupid enough. If only Sean Quinn hadn't gone bankrupt so early :P


  • Options
    #6
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    Reading about it, it seems Sean Quinn started "Gambling" and doing massive leveraged buyouts about 2004. I have no idea why he thought he could achieve a leveraged buyout of Anglo Irish, as that was really a kind of Ponzi Scheme and not a real Bank with real revenue.


  • Advertisement
  • Options
    #7
    thegills
    Registered Users Posts: 1,802 ✭✭✭thegills


    He obviously felt investing in Trappetoni would yield a better return.


  • Options
    #8
    PogMoThoin
    Closed Accounts Posts: 13,874 ✭✭✭✭PogMoThoin


    thegills wrote: »
    He obviously felt investing in Trappetoni would yield a better return.

    Us winning the World Cup is probably a better bet than Eircom staying afloat


  • Options
    #9
    clohamon
    Registered Users Posts: 1,769 ✭✭✭clohamon


    Generally unloved it seems.
    EIRCOM is considering putting itself up for sale for the second time in a month, the Irish Independent has learned.

    It comes after the crisis-hit company received just one takeover offer when an initial deadline for bids closed on November 18.

    http://www.independent.ie/business/irish/eircom-pins-hopes-on-second-sale-as-firm-struggles-with-euro37bn-debt-2947847.html


  • Options
    #10
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    If you pay me 5 billion I'll take it and love it. And promise Universal FTTC (no more than 1km copper) with 30% FTTH. All done inside 4 years.


  • Options
    #11
    clohamon
    Registered Users Posts: 1,769 ✭✭✭clohamon


    watty wrote: »
    If you pay me 5 billion I'll take it and love it.

    You're all heart watty.


  • Advertisement
  • Options
    #12
    clohamon
    Registered Users Posts: 1,769 ✭✭✭clohamon


    http://www.irishtimes.com/newspaper/finance/2011/1202/1224308469202.html
    EIRCOM’S SENIOR lenders are believed to have formulated a proposal to deal with the company’s debt restructuring programme, and they will submit this to the company’s independent directors by tomorrow’s deadline.
    The first lien lenders, who are owed about €2.4 billion, are believed to have formulated a proposal that would involve them taking 100 per cent of the equity in Eircom in return for writing down their debt by 7 to 9 per cent.
    They would also agree to extend the maturity of the debt to September 2017, but there would be no cash payment to the lenders.
    This would allow Eircom, which is led by chief executive Paul Donovan, to access the near €400 million in capital on its balance sheet for investment purposes.
    Other lenders, who are owed about €1.3 billion, would be wiped out.


Advertisement