The deal will cut debt - which as at 30 June totalled €1.3bn - but reduce Sir Anthony O'Reilly and Denis O'Brien's holdings in the company.
IN&M said that, after many months of negotiation, it believes the restructuring to be "fair and reasonable, acknowledging the economic interests of all parties and providing the group with the required debt facilities".
Under the proposed deal, IN&M's net debt would be cut by €350m through a debt-for-equity swap, a rights issue and disposals.
The key features of the restructuring are that €123m of its outstanding bonds will be exchanged for shares representing 46% of the company.
It will result in O'Reilly's 28% stake in IN&M and O'Brien's 26% holding almost halved. Existing shareholders will also be offered an opportunity to participate in the rights issue, otherwise known as a share sale, aimed at raising €94m.
The third part of the restructuring is that IN&M's bondholders have consented to the disposal of certain businesses - such as its African outdoor arm INM Outdoor - for €150m.
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