Eircom puts up ‘For Sale’ sign

Irish fixed, broadband and mobile operator Eircom has put itself up for sale in attempt to restructure its EUR3.75 billion of debt and avoid a default.

ERC Ireland Holdings Ltd. confirmed in a released statement that its board of directors approved the initiation of a process to assess the interest of third-party strategic and financial investors.

The statement also said the sale process will be conducted as part of the wider balance sheet remediation process.

The telco appointed Morgan Stanley & Co International to act as advisor in the sales process. It has set a deadline of mid-March for receipt of non-binding expressions of interest.