INM bondholders approve restructuring
Posted by Leah McBride Mensching on November 10, 2009 at 10:26 AM
Independent News & Media
bondholders today voted in a meeting to back plans for restructuring
the Irish publishing group, RTÉ Business reported. A plan that would
give bondholders a 46 percent stake in the group will be voted on
Nov. 26 by shareholders.
"INM welcomes this essential endorsement of the restructuring and anticipates that the restructuring will now be completed on schedule and prior to the year end," the company said in a statement, according to Reuters.
The Guardian's Roy Greenslade stated in his blog today that INM's CEO, "Gavin O'Reilly, is on the verge of comprehensively defeating the troublesome shareholder Denis O'Brien." (Note: O'Reilly is also president of WAN-IFRA, of which SFN is part). O'Brien has previously demanded to hold several emergency meetings and has bid to unseat two board members, a move shareholders overwhelmingly voted against.
"INM welcomes this essential endorsement of the restructuring and anticipates that the restructuring will now be completed on schedule and prior to the year end," the company said in a statement, according to Reuters.
The Guardian's Roy Greenslade stated in his blog today that INM's CEO, "Gavin O'Reilly, is on the verge of comprehensively defeating the troublesome shareholder Denis O'Brien." (Note: O'Reilly is also president of WAN-IFRA, of which SFN is part). O'Brien has previously demanded to hold several emergency meetings and has bid to unseat two board members, a move shareholders overwhelmingly voted against.
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