EIRCOM IS to seek a third waiver on its covenants from senior lenders as it continues talks to restructure its debts.

The current waiver for ERC Ireland Holdings Limited, Eircom’s parent entity, is due to expire on January 31st, having been extended on December 15th.

The lenders are expected to agree to the waiver while talks continue on Eircom’s debt load.

The waiver is being sought under a €3.65 billion senior facilities agreement, dating from 2006.

Eircom breached its covenants last summer and has been operating under a waiver for some months.

In a statement issued yesterday, Eircom said it was updating the financial projections within its business plan “in light of recent developments in the Irish economic environment”.

This will take into account the half-year results to December 31st and is expected to conclude by the end of January.

Eircom said the business plan continues to centre on a strategy of “network investment in high-speed fibre broadband”.

Eircom has also decided to separate the roles of chief financial officer and chief restructuring officer.

Michael Corner-Jones, managing director of Alvarez Marsal, has been seconded to the company to become its chief restructuring officer with immediate effect.

Mr Corner-Jones will report to chief executive Paul Donovan and deal with the financial restructuring.

Mark Wilson will continue in his role as the company’s chief financial officer.

Eircom is in “ongoing” negotiations with its senior lenders to agree a deal to restructure its debts. The senior lenders are owed about €2.6 billion.

Before Christmas, Eircom’s majority shareholder STT withdrew its proposal and its executives resigned their positions on the company’s various boards and committees.

It has since begun negotiating with senior lenders on their plan.