Eircom expected to breach covenants and restructure
Irish telecoms company Eircom slipped one step closer to default today, when Moody’s lowered its corporate family rating on its parent ERC Ireland Finance from Caa1 to Caa2 and cut its probability of default rating from Caa2 to Caa3.
For distressed investors, Eircom is the story of the week, said a high yield investor in London.
Eircoms fate has become ever more tortured since the former state telecoms monopoly was privatised in the late 1990s. It has struggled in the new competitive environment, being undercut by cheaper
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