28th Sep 2009 07:00
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% €200 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
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