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Fri 07 Jul 2009INM sells a third of its stake in Indian publisher for €22m
INDEPENDENT NEWS & Media (INM) has sold off a third of its investment in Indian publisher Jagran Prakashan (JPL), raising some €22 million for use as a “cashflow tool” to pay down debt and enhance its liquidity.
The manoeuvre comes as INM and its bondholders examine new proposals from its banks to surmount the impasse created by its failure to repay an overdue €200 million bond. The negotiation is said to be “tense”.
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