Media group may sell HQ to pay off €1.35bn debt

IRISH Independent owners IN&M may have to sell off its Middle Abbey Street headquarters in central Dublin to pay back a portion of the €270 million of its massive €1.35 billion debt which falls due this year.

Independent News & Media’s own stockbroker Merrill Lynch said the company has five principal options to raise cash to pay down the €270m.

However, IN&M, in a statement said the company does “not have an issue” with debt repayments as 2002 earnings are expected to be “very good”.