EIRCOM HAS formally exited the State’s biggest examinership, with the creation of a new holding company owned entirely by the group’s lenders and carrying 40 per cent less debt.

Singapore Technologies Telemedia (STT) and the Employee Share Ownership Trust (Esot) are no longer shareholders under the new group structure, which sees the establishment of a new entity, Eircom Holdings (Ireland) Limited.

Eircom Group sought court protection from its creditors in a process known as examinership in March.

It received court approval on May 22nd for a debt restructuring to cut the group’s gross debt from €4.1 billion to €2.3 billion, after Mr Justice Peter Kelly said he was satisfied the scheme advocated by examiner Michael McAteer was “endorsed by most of its creditors”.

Ned Sullivan will remain as non-executive chairman, while Nicky Hartery will continue as an independent non-executive director and Paul Donovan, group chief executive, as executive director.