The Financial Times claims bondholders have granted IN&M an extension to the "standstill" agreement under which they are refraining from calling in the debt. In place since May, the agreement had been due to expire tomorrow.
However, ongoing talks between the two sides have led to bondholders rejecting IN&M's latest proposal to restructure the bond, which would have meant the company tapping shareholders for around €60m and giving bondholders a 15% cut of the proceeds from asset sales.
IN&M's major shareholders, Sir Anthony O'Reilly and Denis O'Brien, are trying to negotiate a deal that does not dilute their equity in the company.
Bondholders have pressed other solutions that would potentially leave them with a large part of the company's shares.
At the same time as renegotiating the bond IN&M is trying to sell price comparison service Verivox and online gambling company Cashcade, with a total price tag of €150m.
It is also believed to be in discussions with Russian billionaire and Evening Standard owner Alexander Lebedev about selling him its flagship UK titles The Independent and The Independent on Sunday.
IN&M has other potential debt headaches, with the FT claiming it is in danger of breaching covenants on a €653m debt owned by a syndicate of eight banks and secured on the company's assets in the UK and Ireland.
.jpg)
.jpg)