The British holding company Independent News & Media (INM), producing a daily newspaper The Independent, in the near future could be faced with the need to raise additional funds to refinance debt of 180 million pounds (200 million euros). This writes The Daily Telegraph.
The amount needed INM, to pay the coupon on the bonds. If this happens, the company may declare a technical default. Now co-owners of the holding, including the Irish media magnate Tony O'Reilly (Tony O'Reilly), negotiating a debt restructuring INM, estimated 1.2 billion pounds (1.33 billion euros).
INM has already postponed the publication of financial results of its work in 2008 from 24 to 30 April. Payment for the bonds be held until May 17. According to the Irish businessman Denis O'Brien (Denis O'Brien), which owns 25 percent of the shares in INM, the chances that the holding company will repay the coupon, make up "50 to 50."
Remember, in November 2008 it became known that Tony O'Reilly intends to sell his stake in Australia's largest media holding APN. Funds that O'Reilly expect to gain, a businessman had planned to send to debt INM. Have to complete the transaction is not yet known.
The Independent was founded in 1986. This is one of the most famous British national daily newspapers.