INM gets debt extension

Struggling newspaper group Independent News & Media has negotiated an extension of its debt standstill from 25 September until 30 October. The extension of the standstill period will facilitate the continuation of ongoing and constructive discussions between all key stakeholders in relation to the group's financial restructuring, a statement said. The group has sufficient funding in place to meet all working capital requirements during the standstill period, the statement added. INM faces a call for an EGM from rebel shareholder Denis O'Brien, who has put forward alternative plans for the group to deal with its debts and also wants a major board reshuffle.A board meeting will the directors discuss these plans, but they are expected to be rejected.The Independent board is proposing a debt-for-equity swap to raise €120m and the sale of the outdoor poster advertising business.O'Brien has suggested a cash injection of €100m into the company, keeping the poster arm and selling or closing the heavily loss-making Independent and Independent on Sunday titles.But the banks and bondholders have now ratified the sale of poster business INM Outdoor, which analyst's suggest in all likelihood means O'Briens's chance of getting the board to change direction are very slim.