Hutchison Whampoa's Eircom bid faces challenge
- By Yan Pei
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E-mail China.org.cn, May 18, 2012
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Hutchison Whampoa Ltd.'s bid for Eircom Group has been rejected twice. [File photo] |
![Hutchison Whampoa Ltd.'s bid for Eircom Group has been rejected twice. [File photo]](http://images.china.cn/attachement/jpg/site1007/20120518/001aa0ba5c851120220702.jpg "Hutchison Whampoa Ltd.'s bid for Eircom Group has been rejected twice. [File photo]")
Hutchison Whampoa Ltd., controlled by Hong Kong billionaire Li Ka-shing, is making one last effort to save its bid for Irish telecom company Eircom Group, the 21st Century Business Herald reported.
Hutchison Whampoa's lawyers have asked that a Dublin high court compel Eircom's examiner to probe the bid more closely.
Eircom filed for examinership, the Irish equivalent of bankruptcy protection, on March 30 to restructure its 3.8-billion-euro net debt.
The examiner agreed last week to implement a company-backed plan where lenders, including Blackstone Group and Deutsche Bank, would take control and cut the company's debt by 40-50 percent.
The examiner has rejected Hutchison Whampoa's 2-billion-euro bid on two previous occasions.
Contact the writer of this story at: yanp@china.org.cn.
