Sources revealed that the repayment of the bond, which was due for repayment this Friday, will again be extended as stakeholders thrash out the final details of a proposed debt for equity swap.
The repayment of the debt was originally due for repayment in May this year.
Under the proposed agreement, bondholders will be issued with new shares as part-payment for their debt, which would dilute the share holding of its principal two shareholders, former chief executive Anthony O'Reilly and second-biggest shareholder Denis O'Brien.
O'Reilly, the controlling shareholder, would have his near-30% stake halved, while O'Brien's shareholding would be diluted to around 13%.
The proposed agreement comes amid little sign of a thawing of relations between O'Brien and the O'Reilly camp.
O'Brien has called an EGM where he wants shareholders to vote against key areas of the strategic direction of the company, including the closure or sale of the UK newspapers.
IN&M declined to comment.
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