Reuters: Private Equity: Eircom applies for court protection over $5 bln debt

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Eircom applies for court protection over $5 bln debt Mar 29th 2012, 10:15 DUBLIN, March 29 | Thu Mar 29, 2012 6:15am EDT DUBLIN, March 29 (Reuters) - Eircom, Ireland's former state telecom operator, on Thursday applied for court protection to allow it to restructure its 3.8 billion euro ($5 billion) debt mountain. A representative of the company told the High Court the company was applying for examinership, a process that protects company assets from creditors for up to 100 days while a survival plan is worked on to keep the business afloat. The examinership - akin to the Chapter 11 bankruptcy process in the United States and administration in Britain - is the largest in Irish corporate history.

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