Sign up to The Irish Times Archive (1859 - 2008)My Account »
Sat 06 Jun 2009Bondholders to receive 10% of IN&M asset sales
BONDHOLDERS IN Independent News & Media (INM) stand to receive 10 per cent of the proceeds from key asset sales under the company’s proposals to settle liabilities triggered by its failure to repay a €200 million note in May.
IN&M is selling its South African advertising business, IN&M Outdoor, and its interests in price comparison firm Verivox and gaming software firm Cashcade. It hopes to realise up to €150 million from these sales later this year, meaning bondholders would receive up to €15 million. The payment would be addition to a €30 million contribution from IN&M’s prime investors, Denis O’Brien and Sir Anthony O’Reilly.
Choose a Subscription type - required
