Independent closes in on €200 million debt deal

Embattled newspaper publisher Independent News & Media (IN&M) this afternoon confirmed that it was close to unveiling a financial rescue that would allow the owner of The Independent to pay off an overdue €200 milion bond.

The bailout means that Sir Anthony O'Reilly, the company's controlling shareholder, will see his 28.5 per cent stake diluted by half because bondholders will receive a stake understood to be about 45 per cent of the reconstructed company.

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