Dublin-based newspaper group Independent News & Media suffered a significant loss in 2008 and is likely to miss debt payments later this year if it cannot reach an agreement with creditors, the BBC reported Thursday.

After a €248 million profit for 2007, the industry and economic crises left the publisher with a loss of €161 million before taxes for 2008. Revenue declined 11.8 percent to €1.48 billion.

The first economic quarter for 2009 does not look any better, and the company stated it will look to sell a number of "non core assets" in order to finance debt. INM said it has been unable to refinance €200 million worth of debt obligation due later this year and that there is a "strong likelihood" that if it is unable to reach agreements with creditors, it could default on payments, according to the BBC.

The company has requested a debt "standstill" with its banks and bondholders as it attempts to finance debt repayments in future.

The publisher'ss flagship newspaper, the Independent in London, has been forced into major cost cutting measures including the reduction of 90 editorial positions and relocation to the Daily Mail offices in West London.

The company's global publishing portfolio includes more than 200 newspapers and magazines in 22 countries. INM's new CEO, Gavin O'Reilly, is also president of the World Association of Newspapers' executive committee and board.