The Week: City News - INM restructure approved

Shareholders in Independent News & Media, the Irish owner of The Independent and The Independent on Sunday, have backed a restructuring plan that will begin with a debt-for-equity swap, leaving bondholders with 46 per cent of the company, worth EUR122 million.

Shareholders also came out in favour of INM's planned rights issue that will enable it to raise funds to pay off a EUR200 million bond.