INM debt progress expected this week

Independent News & Media is expected to report on progress being made on its debt restructuring efforts next month.

INM is currently remaining tight-lipped over the matter despite speculation over the weekend that it may be close to agreeing a debt-for-equity swap deal with its main lenders.

It was reported yesterday that Irish Independent publisher INM, which is currently exploring ways to lower its €420m debt, has received proposals from a consortium of its main lending banks; the main element, apparently, concerning them taking a significant equity stake in INM instead of a cash repayment of part of their owed debt.