TIDMINM
RNS Number : 7290B
Independent News & Media PLC
30 October 2009
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Extension of Financial Standstill Agreed
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
Dublin - 30th October 2009: Independent News & Media PLC ('INM') and Independent
News & Media (Finance) Limited (Issuer of the 5.75% EUR200 million guaranteed
Bonds) announce that the financial standstill entered into with their principal
Banks and the Ad Hoc Committee of Bondholders for the period to 30th October
2009 has been extended. The financial standstill period will now run until 23rd
December 2009 (or any earlier date of termination as may occur under the terms
of the standstill agreement).
The extension of the standstill period will facilitate the implementation of the
financial restructuring of INM (the 'Restructuring'). The INM group has
sufficient funding in place to meet all working capital requirements during the
standstill period. Implementation of the standstill required agreement from in
excess of 75% of the Bondholders by value and 84.75% of the Bondholders by value
have now so agreed. Further documentation and information on the timetable for
implementation of the Restructuring will be issued in due course.
ENDS
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