Wednesday, November 11, 2009

Indys bond holders come to a deal

At least some of the uncertainty surrounding the Independent may have gone away as the paper reports that last night

Independent News & Media, the publisher of The Independent and The Independent on Sunday, last night struck a deal with bondholders that will see creditors swap €123m (£110m) worth of debt for a 46 per cent equity stake in the company.

It is the first stage of a restructuring plan which says the paper

comes after months of negotiations and several so-called standstill agreements, which deferred debt repayments.

The plan should be completed by the end of the year

No comments: