INM: New O’Brien plan rejected

DENIS O’Brien is refusing to comment on reports he has made a new offer to Independent News & Media’s bondholders despite INM saying a revised plan has been rejected.

The billionaire businessman lashed out at the refusal of INM to accept his initial offer of €100m restructuring of the company.

Last night, a spokesperson for INM confirmed the second offer: “A bondholder committee established to negotiate terms with INM has unanimously rejected a revised proposal made to the committee by Denis O’Brien. The committee has confirmed its decision to Denis O’Brien, to INM and to the company’s banks.”