INM agrees “financial standstill” deal with investors

Independent News & Media has agreed a financial standstill deal with its investors, giving it until late June to negotiate the refinancing of its €200 million (£178 million) bond.

The publisher of the Independent newspaper has also secured €15 million (£13.3 million) in working capital.

The standstill period starts today and runs until 26 June. INM said that to aid the negotiations a committee of bondholders has appointed solicitors Bingham McCutchen and financial adviser Houlihan Lokey. NM Rothschild and Davy are advising INM.

INM said in a statement: “During the standstill period, no financial creditor party to the standstill arrangements may take any action to enforce any claim for payment against the group.

“The group is subject to certain covenant restrictions during the standstill period. Payment of interest and principal on the group’s bank facilities the subject of the standstill arrangements and Bonds is suspended, but continues to accrue, for the duration of the standstill.”