O’Brien will not use his own fortune to end INM impasse

THE owners of the Irish Independent have only a 50-50 chance of agreeing refinancing of up to €200 million in loan bonds, as the company continues its brinkmanship with its debtors.

Independent News & Media, with debts of €1.4 billion, agreed a “standstill” agreement with its debtors earlier this month as it works on plans to sell off €150 million in assets with a view to resolving its crucial bond issue by June 26.

INM’s second largest shareholder, Denis O’Brien said there’s a “less than 50-50 chance” that an Independent bond will be refinanced.