INM to cut more jobs as restructuring gets approval

Further job cuts are pending at Independent News & Media, with the group set to continue to reduce costs in the wake of it successfully completing its financial restructuring programme.

INM’s shareholders met in Dublin yesterday to approve the group’s plans to raise €43m from a complex share placement round; the last aspect of a multi-layered restructuring which will lower the group’s debt from €440m to €118m.

Asked, after the meeting, about prospects of a slimming down of the group, INM’s chief executive, Vincent Crowley said cost control was always being looked at and operational costs would be lowered further. He declined to give a target figure for cost savings, apart from saying the sum would be “reasonably substantial”, but admitted further jobs would be shed.