Independent News & Media says financial standstill agreed on bonds and new working capital facilities procured
May 18th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Independent News & Media Plc today announced a financial standstill with principal banks and bondholders in respect of the 5.75% €200 million guaranteed bonds, which have matured. In addition, INM has procured an additional €15 million working capital facility from its banks for the standstill period, secured on agreed assets, and which sums are to be repaid from specified asset disposals. The company said this will allow ongoing constructive discussions to continue between all key stakeholders in relation to the group’s financial restructuring.