Independent News & Media Share Discussion Threads

[lbo] 26/6/2009 22:29

Media speculation about a media company! If they don't know whats going on then nobody does.



INDEPENDENT News and Media's (INM) second largest shareholder, Denis O'Brien, has told the company's board he will not support a proposal to refinance its €200m (£170m) bond which was due for payment today.

Sources close to O'Brien said the Irish businessman is still fully behind the publisher, which owns The Independent and The Independent on Sunday, but that he is not prepared to invest under the terms currently on the table as they provide no long-term security for the company.



Independent rescue proposal hits roadblock

[bongo bwana] 25/6/2009 13:09

Media speculation LBO

[lbo] 25/6/2009 13:06

According to Media speculation, Denis O' Brien may have told Independent News & Media's board that he does not support a rescue plan formulated by Anthony O'Reilly. The deeply discounted rights issue will not succeed without the support of Denis O Brien. It is reported that Denis O Brien, may be unhappy that the plan involves giving bondholders 10 percent of the group's shares.
• IN&M has also agreed an extension to its "standstill" agreement with its creditors. The agreement was due to expire tomorrow, however the extension was agreed after bondholders rejected an offer from the company. Shareholders and creditors are scheduled to meet tomorrow to continue discussions.

[lbo] 23/6/2009 14:15

IN&M considers €60m rights issue as part of deal to settle €200m debt


INDEPENDENT News & Media (INM) shares fell the most in 20 years yesterday as Tony O'Reilly and Denis O'Brien fought to maintain their control of the company as it battles to repay €200 million of its €1.4 billion debt mountain.

[timser] 23/6/2009 09:27

Wonderful to watch the old Irish tradition of two adversaries combining when the chips are virtually non existent. Following the rights issue the boyos holdings will exceed threshold levels so watch this share delist within weeks. Time for shorting folks??

[lbo] 22/6/2009 11:54

Talk of a very deeply discounted Rights issue!







Shares in publisher Independent News & Media have fallen by 20% after it said it may launch a rights issue to raise money for paying debts.

[lbo] 15/6/2009 20:58

The state of the Independent




Problems in real economy dwarf those of bank sector





Moody's believes 19.2 per cent of European junk-rated borrowers will default by the fourth quarter, more than the global default rate, which is forecast to peak at 14.8 per cent.

While investment-grade companies have been able to sell bonds to refinance debt or acquisitions easily this year, European junk bond markets have been all but closed for a year

Corporate Ireland tries to escape wall of debt

[lbo] 12/6/2009 13:28

Independent News and Media will tell its shareholders today that profits for 2009 will be E20m less than forecast in April in what its chairman, Dr Brian Hillery, called "extremely challenging" conditions.

INM locked in rescue debt-equity swap talks

[lbo] 29/5/2009 14:26

Independent News & Media's (INM)second-largest shareholder Denis O'Brien said there was a "less than 50-50 chance" that a €200 million bond will be refinanced by the media group.

INM got an extension last week on the repayment of a €200 million bond to allow it to continue talks on a financial restructuring.

Repayment, due May 18th, was pushed back to June 26th. The group plans to sell €150 million in assets to reduce debt.



Firms that in the past would have been able to roll over their loans, bonds and debts coming to maturity now face a liquidity crisis that may lead them into costly debt restructuring. Some firms that would have gone into Chapter 11 debt restructuring will end up in socially costly liquidation (Chapter 7) because of the lack of financing. This process of corporate debt restructuring or outright liquidation may take years



World's richest man rues stake in IndependentCarlos Slim regrets £12m investment in UK paper but shows faith in New York Times

[lbo] 24/5/2009 23:54

Pensions black hole at INM adds to media group's woes



At a time when Independent News & Media (INM) is struggling to raise the funds required to meet €200 million in repayments due to its bond-holders, INM's employees must be fretting about the ability of the company to plug the €149 million hole in its group pension fund.

The hole disclosed in the 2008 annual report is large relative to the size of the company which is now valued on the stock market at just €235 million following the collapse of INM's share price

[lbo] 18/5/2009 13:03

Indo gets 6 weeks more to sort bond debt

[mountpleasant] 15/5/2009 07:05

itsallover.com

I thought they had to repay €200m by 18 May? Whats going on? Are we looking at a debt for equity swap down at these levels?

[lbo] 13/5/2009 10:19

British regional newspaper group Johnston Press has abandoned a process aimed at selling off its titles in the Republic of Ireland titles

Johnston Press said that advertising sales are down 34.4% in the 19 weeks to May 9th and as a result of the weak performance. Also Trinity Mirror said that advertising revenue has declined by 30% in the 17 weeks to April 26th, with circulation revenue declining by 4% over the same period.

[lbo] 12/5/2009 08:17

THE BROADCASTING Commission of Ireland (BCI) is set to scrutinise Denis O'Brien's ownership of various national and local radio stations here after deciding yesterday that his recent appointment of three associates to the board of Independent News & Media raised issues about his cross-media ownership.

[lbo] 01/5/2009 11:25

Harmony between O'Reilly and O'Brien camps reflects stress

[lbo] 28/4/2009 13:55

PwC to flag concern over Independent News and Media bond repayment



Auditor to include 'emphasis of matter' statement in media group's 08 accounts, amid concerns over a €200m (£180m) bond repayment

[lbo] 28/4/2009 13:54

O'Reilly and O'Brien battle to prop up Independent News & Media bond deal

[lbo] 28/4/2009 13:51

According to this mornings UK Times, Anthony O Reilly is actively looking to sell The Independent newspaper after deeming the high level of losses being shipped as unsustainable. Nicholas Shott, a UK media banker, has been asked to drum up interest in the potential sale, however with the perilous financial position the paper finds itself in, a figure of just £1 is being mooted as a sale price. However the Times speculates that a merger with the Standard is the most likely outcome.The potential sale of the paper is deemed a measure to help ease the debt burden of IN&M which current stands at €1.4bn.

[bongo bwana] 28/4/2009 06:52

LBO - occasionally you over egg the pudding and you in relation to INM you're no Marco Pierre White!!!!!!!!!!!

[lbo] 27/4/2009 23:22

Independent News & Media, publisher of The Independent, is sharply lower on reports that the company is in emergency talks with its lender.

[lbo] 27/4/2009 12:30

All this trouble on the €200m bond does not bode well for the €600m September 2009 bonds IMHO



According to yesterdays Sunday Times, Denis O Brien and Anthony O Reilly have personally agreed to invest at least €30m to buy out bondholders under a new proposal being put forward.
• INM has twice delayed the publishing of results recently as it seeks to refinance a €200m bond, set to expire on May 19th. Under the new proposals bonderholders are set to be asked to put 60%-70% of their original investments into a new bond at a higher interest rate. The rest of the €200m bond will be refinanced with the €30m cash and a bank bridging facility. Denis O Brien also said this weekend that the bond discussions had only a 50-50 chance of succeeding.

[bongo bwana] 25/4/2009 13:30

Thanks for that LBO.

Im holding 85,000 INM.

[lbo] 25/4/2009 11:55

DENIS O'BRIEN, Independent News Media's second-biggest shareholder, said yesterday that there was only a "50-50 chance" of the Dublin-based listed media group refinancing a €200 million bond that is due to be paid on May 19th.

[harmoye] 24/4/2009 09:30

Is that turnover correct 1.674 billion !