O’Reilly confident of INM restructuring as EGM backs directors

INDEPENDENT News & Media (INM) chief executive Gavin O’Reilly has reiterated his confidence that the group can finally complete its financial restructuring in the next month and a further deadline extension to talks with bondholders will not be needed.

Speaking after yesterday’s extraordinary general meeting (EGM) — the first of three for the group this month — which saw INM chairman Brian Hillery and independent director Margaret Jay kept on the board — Mr O’Reilly said that he hoped the refinancing deal, regarding INM’s outstanding €200m bond, would be formally completed before Christmas.

INM has already reached initial agreement with regard to the bond — which would see €123m of the debt exchanged for a 46.3% combined stake in the group for the bondholders and a rights issue aimed at raising the remainder of the bond debt.