INM considers its future
IT’S decision day for the embattled Independent News & Media (INM) group as its bitterly divided board meets to review key restructuring proposals.
INM said yesterday it had not made a final decision on any proposal. The heavily indebted company will likely discuss a debt-for-equity swap with bondholders, announced last week, and a separate rescue plan proposed by key shareholder Denis O’Brien.
The group said last week it planned to give bondholders a substantial equity stake and hold a deeply discounted rights issue at five euro cents a share, giving shareholders the opportunity to participate in the restructuring.
An industry source said a deal could involve between €100m and €120m euros being swapped for a stake in the company, giving bondholders an equity stake of around half in the group.