Independant News & Media extends repayment deadline
Posted by Simon Day on June 29, 2009 at 6:14 AM
The Dublin-based Independent News & Media (INM) has been granted an extension on the repayment of a €200 million bond, Reuters reported Friday.
The media conglomerate, which had already extended its bond repayments due on May 17 to June 26, was granted a further postponement until July 24 by its principal banks and bondholders.
The media conglomerate, which had already extended its bond repayments due on May 17 to June 26, was granted a further postponement until July 24 by its principal banks and bondholders.
"The extension of the standstill period will allow ongoing
constructive discussions to continue between all key stakeholders in
relation to the group's financial restructuring.''
The publisher's heavy debt load mounted after extensive overseas expansion, reaching €1.4 billion, and financial woes mounted due to the economic downturn and resulting plunge in advertising revenue, Reuters reported.
The publisher's heavy debt load mounted after extensive overseas expansion, reaching €1.4 billion, and financial woes mounted due to the economic downturn and resulting plunge in advertising revenue, Reuters reported.
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