INM facing bankruptcy as O’Brien gets tough

INDEPENDENT News & Media is tottering on the brink of bankruptcy as its second largest shareholder, Denis O’Brien, wants the company to play hard ball with its debtors and implement major surgery.

The board of Independent News & Media and its creditors have agreed an extension to a “standstill” on repayment of a €200m bond.

People familiar with the situation, said the agreement to extend the standstill, due to expire today, was reached after bondholders rejected the latest offer from the Dublin-based newspaper publisher on how to restructure the bond.