Deadline day for Independent News and Media debt

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Still no official word on what’s happening with Independent News and Media’s €200m bond repayment, which is due today.

The loan was due to be paid back with interest on 18 May but a “standstill” agreement was reached, extending the deadline to today.

City AM claims this morning that the INM board has reached an agreement with the creditors to push back the deadline to 24 July, giving it another month’s reprieve.

One option being considered to raise the needed cash is a share rights issue, but City AM says INM’s second biggest shareholder, Denis O’Brien, will block that.

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