News

Smart Telecom suspended as Eircom pulls plug

03 October 2006 13:59:00

Smart Telecom, the Dublin-based telecoms and ISP firm, has had its shares suspended after Eircom shut down a large part of its network.

Yesterday evening Eircom started implementing Termination Notices regarding Smart Telecom's Interconnect and Access Agreements, shutting down a substantial part of its residential telecoms services.

The move had been on the cards but Smart said it had managed to continue deferring the action on a weekly basis after having received such notices in recent weeks

Smart said its restructuring has been proceeding to plan adding that the associated short term refinancing of the company was and is at an advanced stage of negotiation.

"The company is endeavouring to engage in further discussions with eircom and Comreg to find a solution that returns service to its customers as quickly as possible and minimises any further impact," said the group.

Additional short term funding remains necessary, added Smart noting that it is having further discussions with key shareholders regarding further funding. "The board remains confident that this funding will be obtained. However, there is no certainty that this will happen."

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