Independent News and Media’s bondholders have approved the debt-restructuring deal which allows Tony and Gavin O’Reilly to retain control of the company.
Under the deal, outlined in full here, creditors who have lent IN&M money by buying bonds are exchanging their debt for a major stake in the business.
IN&M said in an an announcement, which can be viewed in full here: “INM welcomes this essential endorsement of the Restructuring and anticipates that the Restructuring will now be completed on schedule and prior to the year end, thereby affording the company a secure and stable foundation, with a significantly reduced debt profile, from which to leverage the INM Group’s businesses and key strengths across its global portfolio of leading media assets.”
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