The Week: City news - INM in new financial deal

Independent News & Media has agreed in principle an outline financial restructuring that rejects the rebel shareholder Denis O'Brien's offer of EUR100 million investment in return for a 67 per cent stake in the company.

The outline agreement, which requires support from 75 per cent of bondholders, will reduce INM's debt by EUR350 million. Bondholders will receive a 46 per cent stake in the company in exchange for EUR123 million of an overdue EUR200 million bond. INM's banks are said to already be on board.