A report in the Sunday Times says that the Independent-owner has brought in debt restructuring firm North Sea Partners as it attempts to refinance a €200m (£170m) bond. The bond matures on June 26.
The paper said hopes that the newspaper might be bought by Russian billionaire Alexander Lebedev, who owns the Evening Standard, were increasingly distant.
Independent News & Media, headed by chief executive Gavin O'Reilly, will this week hold meetings with banks and bondholders in an effort to solve how it will repay the €200m bond note clouding its future.
The paper reported that bondholders, advised by Houlihan Lokey and Bingham McCutchen, have offered to swap some of their debt claims for equity.
However, O'Reilly, his father and former CEO Sir Anthony O'Reilly as well as shareholder Denis O'Brien, are not thought to savour such an option as it would reduce their stake.
The Sunday Times report followed on Friday after noon that Independent News & Media had held no discussions on a sale with Lebedev.
Chief executive O'Reilly told Dow Jones at the company's annual general meeting that he had received no offer for the Independent.
O'Reilly said: "The board hasn't received any offer whatsoever from Mr Lebedev. The press has got ahead of itself.
"I've had no discussions [with Lebedev]. The board has had no discussion."
Also on Friday it was reported that the Daily Mail & General Trust is considering taking a stake in the Independent if it was acquired by London Evening Standard Lebedev.
This stake could be as high as 25%, according to a report on the Guardian website.
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