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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Joplin tornado chaos leaves hundreds still missing | 26 May 2011 Boyfriend says Casey Anthony never told him of abuse 26 May 2011 Clinton in Pakistan, presses for more to quash 1:06am EDT Hundreds still missing in tornado-hit Missouri city 26 May 2011 EBay and PayPal sue Google over trade secrets 26 May 2011 Discussed 128 As hours tick by, ”Judgment Day” looks a dud 105 Broadcaster silent as Judgment Day hours tick by 94 Obama departs for Europe trip, explores Irish roots Watched Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Hundreds missing after tornado 2:40am EDT Paying by phone not credit card Thu, May 26 2011 Eircom in talks ahead of likely covenant breach Tweet Share this DUBLIN (Reuters) - Struggling Irish telecoms group Eircom said on Friday it is still in talks with its shareholders and intends to hold discussions with lenders ahead of a likely breach in its financial covenants within the next three months. Eircom... Email Print Related News Ratings agencies hammer Greece in EU chaos Mon, May 9 2011 Euro off 3-week low Mon, May 9 2011 Analysis & Opinion Is Africa still a victim of capital flight? LinkedIn IPO recalls credit as much as dotcom boom Related Topics Technology » Deals » Global Deals Data 2011 Q1 » DUBLIN | Fri May 27, 2011 2:46am EDT DUBLIN (Reuters) - Struggling Irish telecoms group Eircom said on Friday it is still in talks with its shareholders and intends to hold discussions with lenders ahead of a likely breach in its financial covenants within the next three months. Eircom, majority-owned by Temasek unit Singapore Technologies Telemedia (STT), in March warned of a significant risk of a covenant breach within three to six months and said it would talk to shareholders about possibly injecting new equity. Staff at the group have since backed a 92 million euro ($131.3 million) cost-cutting plan, including a 10 percent pay cut, in exchange for an agreement that Eircom and STT would invest in the firm. Eircom's net debt was 3.75 billion euros in December, or 5.6 times earnings before interest, tax, depreciation and amortization (EBITDA). Eircom said on Friday its revenue for the three months to end-March fell 11 percent to 407 million euros even after a 13 percent reduction in operational costs because of continued pressures on both the fixed and mobile parts of its business. "Despite sustained progress to reduce operational costs, the underlying fundamentals of the Irish economy and intense competition continue to create trading challenges for the group across both our fixed and mobile segments," Chief Executive Paul Donovan said. "Our recent union collective agreement is another important step toward securing the future of the group. Despite these steps, the group is likely to see an accelerating decline in EBITDA in the coming 12 months." (Reporting by Padraic Halpin; Editing by David Holmes) Technology Deals Global Deals Data 2011 Q1 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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