Creditors give Christmas deadline for INM bond
Creditors have given Independent News & Media until 23 December to finalise plans on the payment of a bond originally due in May.
After being granted several extensions to the deadline on the €200m (£179m) bond, INM last month agreed a deal with bondholders that could give them a 47 per cent stake in the publishing group.
INM plans to swap €123m of the bond for a 46 per cent equity stake and then hold a rights issue for the balance. Creditors will get a stake of around 47 per cent if all existing shareholders subscribe to the issue.
In a trading update last week the company revised its forecast for full-year operating profit before exceptionals to €170-190m. That was down from a forecast at the lower end of €180-210m made in August and €200-230m estimated in April.
INM said restructuring its overdue debt and shareholder structure would ultimately lead to growth.