Independent News & Media gains extension on standstill for euro bonds

Independent News & Media, which owns 39% of APN News & Media, gained a further extension from its banks and bondholders of a standstill agreement covering 200 million euros of bonds.

The publisher, whose mastheads include the UK’s Independent newspaper, gained an extension until August 27, allowing “the continuation of ongoing and constructive discussions between all key stakeholders in relation to the group's financial restructuring,” it said in a statement. It has sufficient funding to meet working capital requirements.

The company also hosed down reports that it was preparing to sell further assets to strengthen its balance sheet, such as those in Australasia, where APN owns the New Zealand Herald.

It doesn’t plan to sell publishing assets in Ireland, the UK or South Africa, it said.

The group has realised a net 37 million euros of assets in the past month, including the sale of 18% interest of Cashcade to Partygaming Plc for 15.3 million euros and the part-sale of its interest in Jagran Prakashan Limited for a net 21.7 million euros. 

Businesswire.co.nz

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