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Eircom stuff

24-03-2003 11:08am

#1

dahamsta

Banned (with Prison Access) Posts: 16,659 ✭✭✭✭

Join Date: October 2000

Posts: 15270

http://www.enn.ie/news.html?code=9353021

The Sunday Business Post says that the assets of Eircom were revalued upwards within weeks of the company being sold to the Valentia consortium. A revaluation of company assets -- including network plant and equipment, property, the Golden Pages and assets in the Eircom staff pension funds -- resulted in an upward "fair value adjustment" of just over EUR1 billion in the Valentia accounts. The revaluation of the land and buildings took place ten weeks after the sale of the company.

The paper also reports that Eircom has approached telecoms regulator ComReg about a plan to sell its customers' future telephone bills to a special-purpose company that would be financed by a series of international bond issues. The reason for the proposal is to repay more than EUR2 billion in debt that Valentia built up to finance the acquisition of Eircom. It is also known that the Tony O'Reilly-led Valentia consortium wants to undertake the transaction to enable it to extract some of its original equity investment in Eircom.

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