The Dublin-based Independent News & Media (INME) has proposed a "deeply discounted" rights offer to its lenders and two principal owners with a view to raise money and pay off a 200 million euro bond, Reuters reported.

Talks regarding the bond's payment have been slow-going as the deadline for payment has been extended from May to 26 June and will be likely extended once more to a July date.

In a statement released by INME, the company said that "while the outcome of these discussions remain uncertain at this time, recent discussions have shown a willingness on the part of the stakeholders to reach a consensual solution," Reuters reported.

The rights offer is estimated to total 60 million euro and is expected to find support with two of the paper's biggest shareholders, Anthony O'Reilly and Denis O'Brien.