Independent Financial Restructure

Newspaper Publishing, publisher of the Independent, is planning to raise up to £20m in a financial restructuring this year.

The amount of money is higher than expected because of competition from the cheaper Times. The performance of The Times, and whether or not the circulation of the Independent suffers, will affect the refinancing.

Both the finances and the management of the company are hoped to be strengthened. A number of investors are said to be interested and the possibility of selling a majority stake to a larger group has not been ruled out.