Independent News & Media Share Discussion Threads

[lbo] 22/4/2009 09:28

Independent under pressure to strike deal on €200m loan


According to informed sources, one of the main options under discussion with bondholders is an extension of the bond's maturity in exchange for a small cash repayment and enhanced credit terms.

With some of INM's main newspaper titles already pledged to its banks, this may involve the company's dominant shareholders being asked to provide liens or security over their personal assets to bondholders.

However, the extent to which outgoing chief executive and 28.5 per cent shareholder Sir Anthony O'Reilly and and 26 per cent shareholder Denis O'Brien can do that is unclear. Sir Anthony has lost hundreds of millions of euro in the collapse of INM's share price. With his brother-in-law Peter Goulandris, he lost some €400 million in the collapse of Waterford Wedgwood. For his part, Mr O'Brien is nursing the loss of some €500 million on his INM investment.

As investors debate whether to extend maturity of the bond, sources indicated that they have been seeking reassurance about the trading performance of the business as it weathers recession in Ireland and further afield. At issue here is the capacity of the company, which has an additional €590 million in debt falling due next year, to meet any new financial obligations.

Also under discussion in recent times has been the possibility of a debt for equity swap. Such a manoeuvre would dilute the interests of Sir Anthony and Mr O'Brien.

[lbo] 20/4/2009 21:41

Indo puts off results as debt crux looms

Monday, 20th April 2009 08.00pm


Independent News and Media has pushed back the date of its full year results as it struggles to strike a deal over 200m euro of its debt.

It announced tonight that its results will not now be out until 30th April, six days later than originally planned.

The publishing group has been working with holders of a 200m euro bond which is due to be repaid next month.

Sources says it is trying to roll over the debt, and is likely to concede better terms for at least some of those involved.

The publishing group has declined to comment on its negotiations

[lbo] 19/4/2009 22:17

INM in talks with holders over €200m bond expiry

Independent News & Media (IN&M), Ireland's largest newspaper publisher, is continuing to negotiate with a group of bond holders about the maturing of a €200m bond which is due to be paid back in the middle of May.

Among the options being considered is pushing back the maturity date in exchange for a small cash payment. The other option being examined is a debt-for-equity swap with bond holders. Also being discussed is providing higher security to some holders of unsecured debt.

The company declined to comment on reports in UK debt publications last week that a rights issue might also be on the cards. A spokesman for the company, which holds a 29% stake in the Sunday Tribune, said the company would update the market this Friday on a range of issues and was continuing to liaise with relevant creditors.

The company announces its preliminary results on Friday

[lbo] 17/4/2009 22:21

Bottom line is grim reading for our media industry



The largest Irish media player is the Independent group (INM). They face a €200 million bond repayment in May. INM has a market capitalisation of €142 million with debt of €1.4 billion. Their shares have fallen from €3.90 to 9 cent in recent weeks.

The media glare has been on the O'Reilly family and Denis O'Brien, akin to an episode of Dallas. The real drama is contained in the balance sheet. These financial stresses are echoed in every media company.

[lbo] 17/4/2009 09:12

How Ireland became an economic basket-case



Tony O'Reilly, some of whose businesses are said to be struggling to survive - are very well known

[share_shark] 03/4/2009 09:34

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Paris, 2 April 2009
New Research on Future of Newspapers to be Unveiled at Power of Print Conference


Français Español Deutsch


The global consultancy PriceWaterhouseCoopers will unveil a major new research project on the future of newspaper publishing at the new Power of Print Conference & Expo, to be held in Barcelona, Spain, on 27 and 28 May next.

The research, conducted in cooperation with the World Association of Newspapers, includes surveys of consumers, advertisers and publishers and provides some surprising insights into the market outlook for newspapers in coming years.

Marieke van der Donk, Senior Manager for Entertainment & Media at PriceWaterhouseCoopers, will examine current industry trends and forecast where these might lead in her conference presentation, which will includes analyses of industry and company reports. She will also examine a range of new technologies, both for their influence consumer behaviour and their impact on newspaper companies.

The Power of Print conference is the first global conference for senior newspaper executives to explore new opportunities and successful strategies exclusively for the printed newspaper. Although digital innovation is a primary area of newspaper industry development, print and advertising continue to fund these new ventures, as well as being the profit centres for the vast majority of newspaper companies, even in these tough times.

[share_shark] 02/4/2009 21:32

The Black Prince's best friend !.

He recommended Glencar a couple of times and the share price rose to 13p.

[bongo bwana] 02/4/2009 21:17

A "Eureka" moment?

Who did you introduce to GEX?

[share_shark] 02/4/2009 17:31

Ah yes, I see the man who recommended Circle oil ?

[share_shark] 02/4/2009 16:52

No not circular as he is very tall(6ft.5 ) I think. The man who I introduced to Glencar ?.

Assistance ?. Hard work, you mean !.
.

[bongo bwana] 02/4/2009 16:48

That would be very interesting SS.

Your assistance is always, and let me repeat that, ALWAYS appreciated.

There are a couple of mentions in todays ALBK thread about INM also.

I would not disagree with the 60p possibiity here either.

That gentleman is rotund and circular?

[jerrymoon] 02/4/2009 14:39

Good mention in yesterday's Times as one to watch now O'brien is supporting the new MD O'Reilly.

Added again on that dip...

[lbo] 29/3/2009 22:43

The INM May €200m 2009 bonds traded during the week at 60c in the Euro! Not a major vote of confidence. Even if they do manage to refinance these then they have the €600m September 2009 bonds to tackle aswell.

Also CRH's balance sheet looks reasonably solid compared to INM. At the end of 2008, net debt to earnings before interest, tax, depreciation and amortization was x2.3 in CRH. In INM the overall ratio of net debt to EBITDA is x3.6 and rising, which is uncomfortable to say the least.

Print media hopes shredded

[bongo bwana] 28/3/2009 10:34

CRH got a rights issue away nno bother at all recently.

Im not saying INM wil go for the rights issue road but with DOB's more proactive involvement in the firm its my view that there are people within the City and NY who will be prepared to make attractive options available to INM. When clarity improves and the financing issue is resolved (and I believe it will be) the share price will reflect the new reality.

Ive backed my belief by buying in excess of 30,000.

LBO - keep up the good work here and elsewhere as your contributions are often timely abd provide a much needed effort at balancing the over + and the overly - also.

[lbo] 27/3/2009 21:54

The UK Govenment could not even get their bonds away so I would not be so sure all is well for the refinancing of the €200m in INM May Bonds!

[bongo bwana] 27/3/2009 10:47

MP - with DOB's people balancing the board and getting a feel for the business and what they have to achieve this baby will rock.

[mountpleasant] 27/3/2009 09:43

Low volumes, it doesnt take more than €20k either way to move the price. we are in a news vacuum. You need to see news of asset sales or bond/debt re organisation to get this motoring.

[bongo bwana] 26/3/2009 15:59

It looks like its just you and me LBO.

There has been small but consistent buying here and I think INM has slipped under the radar.

[lbo] 23/3/2009 22:24

Ireland's media has never been less diverse than now

[lbo] 23/3/2009 19:56

Digicel fails to raise $435m in funds



The Digicel bond, which pays a coupon of 12%, was priced last Friday at 89.601 to yield 15%

[lbo] 23/3/2009 19:52

Independent owner ditches bond issue plan



Independent News & Media, the owner of the Independent and Independent on Sunday, abandoned plans for a bond issue yesterday, blaming the state of credit markets. The Dublin-based company, which has to repay a €200m (£188m) bond in May, said it had hired NM Rothschild and Davy stockbrokers to advise on a "proposed engagement" with bondholders. The group is labouring under about €1.4bn (£1.32bn) of debt and has announced a range of cost-cutting measures to reduce this, including axing the dividend and putting a number of assets under review.

[lbo] 15/3/2009 17:22

A person with knowledge of Mr O'Brien's thinking said he believed IN&M was in "force majeure times", with perhaps only weeks left to act in salvation of the company.