Is the Indy a little nearer to closing?

The latest news from the offices of Independent News and Media is that it is in danger of breaching its banking covenants by mid May.

This PA statement on the Indy's web site says that

The owner of the Independent and Independent on Sunday warned today of "significant doubt" over whether the entire company can continue as a going concern.
Independent News and Media (INM), which owns more than 200 newspaper and magazine titles across the world, said it has failed to reach agreement with bondholders over renegotiating a €200m (£179.6m) bond, due to mature on 18 May.

Roy Greenslade doubts whether bondholders would take the company to the brink

Doubtless, the banks and bondholders have been making those calculations based on the value of INM's current assets and that may well be why they have been playing hardball with the company's board. Can they hope to get their money back from such a declining set of assets?

Nevertheless these are dark days for the Indy and events over the next few weeks will be watched with very close scrutiny