Independent News and Media, of which Denis O’Brien is the biggest shareholder, is to get a debt write-off worth €140 million from Bank of Ireland and AIB.
“A consortium of eight banks including state-owned AIB and Bank of Ireland has agreed to write off almost €140m in debt owed by Independent News and Media.
The move is part of a series of measures being implemented by INM which the company said will reduce its net debt burden from €424m to €118m.
INM is using the €167m proceeds from the sale of its South African business to pay off some of the loans.
It will also raise €40m in new equity by issuing shares in a rights issue – where existing shareholders are offered the chance to buy more stock in proportion to their stakes in the company.”
“(Vincent Crowley) said the company will be looking for 100 job cuts as part of its restructuring, and that all structures – including the merger of the Irish Independent and Sunday Independent newsrooms – are being looked at.”
That should end well.
Eamonn Farrell/Photocall Ireland