INM seeks to extend 'standstill' deal again

Independent News & Media is in talks over a further extension to a ‘standstill’ deal with its bondholders over its failure to repay a €200m (£172m) bond due in May, according to reports.

Proposals for a new extension will be discussed today between the company, its banks and bondholders, the Irish Times has reported.

INM has managed to cut a series of standstill agreements since the original repayment date of May 18 that saw the deadline pushed back into June, then July.

The current deal expires on August 27th, a day before INM publishes interim results. Any extension would likely run into September when the company is due to repay €50 million of bank debt.

According to the Irish Times, the current standstill had been seen as an effective deadline for a deal as INM’s position would weaken further if bank debt went overdue on top of an overdue bond.

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