INDEPENDENT News & Media (INM), battling to stave off bankruptcy, is set to agree a third reprieve on its obligations to pay back €200 million of its €1.4 billion debt by Friday, industry sources predicted last night.

ONLINE gaming group PartyGaming is close to announcing a £100 million (€115m) deal to buy Cashcade, owner of the foxybingo.com web site, a source said yesterday.

Independent News & Media (INM) today lowered its profit forecast for 2009, describing the current business environment as "extremely challenging".

THE owners of the Irish Independent have only a 50-50 chance of agreeing refinancing of up to €200 million in loan bonds, as the company continues its brinkmanship with its debtors.

Struggling Independent News and Media said today it had secured vital breathing space in its negotiation with investors.

THE board of Independent News & Media (INM) said yesterday that it is confident of reaching a satisfactory agreement from its ongoing negotiations with relevant stakeholders over the refinancing terms of its €200 million bond.

INDEPENDENT News and Media (INM) has declined to comment on speculation over which specific non-core assets it is looking to sell, but it is believed that no Irish subsidiaries are due to be offloaded.

Independent News and Media (INM) has reported profit after tax and exceptionals of €87.3m for the six months to June 30, down 29.7% on the 2005 figure of €124.1m.