Independent close to finalising restructure

LONDON - Independent News & Media has moved a step closer to securing its future after announcing that it has reached agreement with its lenders over repayment terms and is to issue new shares to finance a restructuring.

Independent...finalising restructure
Independent...finalising restructure

The owner of The Independent and Independent on Sunday said in a statement that discussions with its lenders and holders of €200 million in bonds have advanced significantly and that it was close to securing terms that would involve swapping the bonds for equity in IN&M.

Bond holders in IN&M are set to swap around €110 million in debt for around 45 per cent of the company, with the rights issue raising a further €100 million to pay the balance owing to bondholders and to finance the restructure.

Reports suggest that the restructure, which will be led by chief executive Gavin O’Reilly, will mean that IN&M will keep control of The Independent titles.

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