IN&M agrees extension to £170m bond payment deadline

by Tristan O'Carroll, mediaweek.co.uk 26-Jun-09, 15:15

LONDON - Independent News & Media, publisher of The Independent, has agreed a four-week extension to its "standstill" credit agreement, which will grant it extra time to restructure a €200m (£170m) bond.

The agreement, announced to the City today (26 June), is an extension to a debt, which, previously due to mature today, can now be repaid by July 24.

The announcement said all IN&M's banks and 81% of bondholders had agreed to the extension.

The statement added: "Arrangements are also in place to provide the group with sufficient funding to meet its working capital requirements during this new standstill period." It gave no further details.

It is thought the company is open to offloading its UK national newspaper titles, The Independent and The Independent on Sunday, online gambling company Cashcade and price comparison asset Verivox.

Earlier this month, Media Week revealed an offer for the titles had been made by Alexander Lebedev, owner of the London Evening Standard.