INM debt writedown deal hinges on slashing staff pensions

INM's debt will fall from €420 million to €118 million with job cuts and benefit reductions, writes Samantha McCaughren.

27th April, 2013
Joe Webb, chief executive of INM Ireland and Vincent Crowley, chief executive of INM. Photo: Tony O'Shea

After weeks of long and sometimes painful negotiations, Independent News and Media (INM) finally managed to tie down a debt deal with its eight banks. It is a significant achievement, given the level of debt and the number of banks involved including Bank of Ireland, AIB and KBC. The writedown equates to around €138 million and this, together with the money from the sale of its South African operations, will mean the company is left...

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