Independent News & Media is in talks with banks and bondholders about extending its debt standstill deal, according to a Financial Times report.
The publisher of the
Independent has a standstill agreement in place which is due to expire on Friday. If an extension is agreed INM will avoid going into examinership, or bankruptcy protection.
INM agreed its first standstill in May, running to 26 June, which was then extended to July 24. According to the FT report, the latest standstill should last a month.
Originally, INM was due to repay a €200 million (£172 million) bond in May.
Earlier this month, cut its stake in Indian media company Jagran Prakashan from 20.8% to 13.5%, raising €22 million (£19 million).
It said that it would use the money raised from the sale to “pay down debt and enhance the liquidity of the company during the ongoing standstill period”.
