INM agrees debt restructuring as sales fall

UPDATE: Independent News & Media has agreed terms of a financial restructuring with its lenders that will reduce its debt to €118 million.

26th April, 2013
Vincent Crowley

Independent News & Media has agreed terms of a financial restructuring with its lenders that it said would reduce its debt to €118 million, and will involve shedding up to 100 jobs in Ireland.

Its shares initially leapt higher on the news but were unchanged at 35 cent at 9.30 am.

The agreement comprises a number of interlinked stages: the disposal of INM South Africa; a restructuring of the firm's defined benefit pension scheme as well as a...

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