INM wins extension until 24 July to repay £170m bond

Independent News and Media has won another month to gets its finances in order and repay €200m (£170m) of debt.

The publisher of the Independent and Independent on Sunday was due to pay back a bond, with interest, on 18 May but negotiated a standstill until today.

In a statement to the Dublin stock exchange this afternoon, INM confirmed it had now agreed a further reprieve, giving it until 24 July.

“The extension of the standstill period will allow ongoing constructive discussions to continue between all key stakeholders in relation to the group’s financial restructuring,” the company said.

INM said 81 per cent of the bondholders agreed to the extended deadline – down from the 91 per cent who agreed to the first extension a month ago.

During the standstill period, none of the bondholders can take the company to court asking for the money to be repaid, and interest payments are suspended.

INM warned at the end of April that it did not have enough cash to repay the €200m bond.

The group said earlier this week that it was considering a share rights issue to raise the necessary money.

But London financial daily City AM claimed this morning that INM’s second biggest shareholder, Denis O’Brien, was planning to block the fundraising move.

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