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24 Jul 2009 14:38
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Restructuring Update: Extension of Financial Standstill AgreedΒ
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
DublinΒ - 24thΒ July 2009:Β Independent News & Media PLC ('INM' or the 'Group') and Independent News & Media (Finance) Limited (issuer of the 5.75% β¬200 million guaranteed Bonds) announce that the financial standstillΒ originallyΒ entered into onΒ 17thΒ MayΒ 2009 with their principal Banks and Bondholders has been extended.Β
The financial standstill period will nowΒ extendΒ until 27thAugustΒ 2009 (or any earlier date of terminationΒ under the standstill agreement) toΒ facilitate the continuation of ongoingΒ andΒ constructive discussions between all key stakeholders in relation to the Group's financial restructuring.Β The Group has sufficient funding in place to meet all working capital requirements during the standstill period.
Commenting onΒ recentΒ erroneous pressΒ reports,Β INMΒ confirms that none of its publishing assets inΒ Ireland, theΒ United Kingdom,Β South AfricaΒ and/orΒ AustralasiaΒ areΒ being disposed of.Β However, as part of the Group's asset disposal programme,Β the followingΒ asset disposalsΒ haveΒ alreadyΒ realised a net β¬37.0Β millionΒ in the pastΒ month:Β
Yesterday, INM announced the disposal of itsΒ 18.07%Β interest in CashcadeΒ to Partygaming Plc for an aggregate cash consideration of approximately β¬15.3 million, net of costs.Β INM purchased its interest in Cashcade in February 2006 forΒ a consideration of β¬6Β million.
On July 2nd, INM announcedΒ theΒ part-saleΒ of its interestΒ in Jagran Prakashan LimitedΒ ('JPL')Β for a net β¬21.7Β millionΒ cash consideration.Β Having invested β¬28.5 million to acquire itsΒ originalΒ stake in 2005, following this share sale, INM's remaining 13.5% holding in JPL is worth c.Β β¬48Β million at current market price.
INM will issue its interimΒ H1Β resultsΒ (toΒ 30thΒ June 2009)Β onΒ Friday,Β 28thΒ AugustΒ 2009.Β
ENDS
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