The group said it is in discussions with its main shareholders, banks and bondholders over the refinancing proposal. The company is understood to be looking to raise €100m to pay off part of the bond.
IN&M, which had previously negotiated a Friday deadline to refinance the debt, said it was now involved with stakeholders to arrange an extension until July 24 to reach an agreement.
The rights issue plan is thought to involve raising up to €75m of fresh capital. The group's two largest shareholders, former chief executive Sir Anthony O'Reilly, and Denis O'Brien, would contribute a percentage of their combined stake in the company.
Additionally, the bondholders will be offered about 15% of the proceeds from the sale of assets, including stakes in assets such as Cashcade, its online gambling company, and its price comparison service Verivox.
The value of these disposals are likely to bring the total close to €100M. The remaining half of the €100m of debt would be converted into a new bond, with its repayment delayed for a number of years.
The refinancing comes as Alexander Lebedev, owner of the London Evening Standard, continues his discussions with IN&M over a possible purchase of The Independent and Independent on Sunday.
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