INM shares fall most in 20 years

INDEPENDENT News & Media (INM) shares fell the most in 20 years yesterday as Tony O’Reilly and Denis O’Brien fought to maintain their control of the company as it battles to repay €200 million of its €1.4 billion debt mountain.

Yesterday morning, INM, “based on media queries| received and in line with its disclosure obligations” confirmed that discussions with its syndicate of banks, the holders of the €200m 5.75% guaranteed bonds due 2009, and certain of INM’s principal shareholders are continuing.

The company hopes that the deadline for the payment of the bond will be extended yet again, this time from Friday to July 24 next while the bond holders are striving to obtain control of the media company.