CLOSE X
Advertisement

Indy eyes €100m debt write-off - paper

Companies

Dublin - Indebted Irish publisher Independent News & Media plans to ask its lenders to write off up to €100 million ($127 million) of debt as part of a wider overhaul, Britain's Sunday Times reported.

Share this story

The company on Friday said it will need urgent and substantial restructuring in response to high levels of debt and tough trading. A spokesman on Sunday declined to comment on the report that the company was seeking to write off debt.

The publisher hopes to secure agreement on the debt write-off with a consortium of eight banks by early next year, the newspaper reported without citing sources.

The restructuring will also include a rights issue, a radical cost-cutting programme and the sale of the company's South African unit, the report said. - Reuters

Share this story
Advertisement
X