TIDMINM
RNS Number : 7251Z
Independent News & Media PLC
25 September 2009
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Extension of Financial Standstill Agreed
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
Dublin - 25th September, 2009: Independent News & Media PLC ('INM' or the
'Group') 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 Bondholders for the period to 25th
September, 2009 has been extended. The financial standstill period will now run
until 30th October, 2009 (or any earlier date of termination under the
standstill agreement).
The extension of the standstill period will facilitate the continuation of
ongoing and constructive discussions between all key stakeholders in relation
to the Group's financial restructuring. The Group has sufficient funding in
place to meet all working capital requirements during the standstill period.
INM also announces that the Banks and the Bondholders have both now confirmed
their consent to the sale of INM Outdoor on the terms announced on 28 August,
2009.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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