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STT May Make New Proposal for Eircom, Sunday Business Post Says

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Dec. 11 (Bloomberg) -- Singapore Technologies Telemedia Pte. will probably make a new offer to invest in Eircom Group Ltd., Ireland’s largest phone company, the Sunday Business Post reported without saying where it got the information.

STT, Eircom’s largest investor, may propose in the next few weeks that first-lien lenders take a writedown steeper than the 7.5 percent that the creditors have suggested as part of a debt-for-equity swap, the newspaper said.

STT said Dec. 2 that it was continuing to evaluate its investment position in Eircom after missing a deadline to submit a plan. Eircom said the same day it had received two restructuring proposals from lenders.

To contact the reporters on this story: Finbarr Flynn in Dublin at fflynn3@bloomberg.net;

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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