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Submission + - Ireland's Former State Telco To Apply For Court Protection

2phar writes: A decade or so after what some regard as one of the world's worst failures in privatizing a state asset, the former Irish telecoms monopoly, Eircom, is finally facing Examinership to get court protection from its creditors. The company is struggling under some €5bn in debt, after undergoing multiple episodes of leveraged buyouts, asset-stripping, and under-investment. Since the sell-off, the state has also had to separately re-invest in building national infrastructure a second time through such projects as Metropolitan Area Networks

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