INM pushes for debt deal ahead of South African sale

The €170 million deal to sell Independent News & Media's South African business is unlikely to get the go-ahead from shareholders unless the banks cut a deal on debt.

24th February, 2013
Denis O'Brien, INM's biggest shareholder. Photo: Bloomberg

The €170 million deal to sell Independent News & Media's (INM) South African business is unlikely to get the go-ahead from shareholders unless the banks cut a deal on debt, The Sunday Business Post understands.

INM has debts of €430 million, and its lenders are keen to reduce their exposure to the media company. Getting a net payment of €160 million from the South African deal would significantly reduce those borrowings and give some comfort...

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