Eircom Drafts 1 Billion-Euro Investment Plan, Sunday Times Says

Eircom Group Ltd (ERU). says it needs to invest 1 billion euros ($1.59 billion) to upgrade its network to compete, the Sunday Times reported.

The Irish telecommunications company, which is seeking to restructure its 3.75 billion-euro debt, put the targeted investment figure in a five-year business plan to lenders, the newspaper said. Spending could be funded from the company’s cash resources if lenders agree to write down some of their debt, the newspaper said, citing the plan.

To contact the reporter on this story: Joe Brennan at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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