Independent News & Media has secured more time to hammer out a deal on a €200m bond which was due for repayment in May.

A statement from the company, which publishes Independent Newspapers, said the so-called 'standstill' agreement with its banks and bondholders had been extended until August 27.

INM said the extra time would enable 'ongoing and constructive' discussions about the group's financial restructuring. It said it had enough funds to meet all its business needs during this period.

Referring to what it called 'erroneous' press reports, it said none of its publishing assets in Ireland, the UK, South Africa or Australasia were being sold off. The group has been selling off some of its other assets to raise money.

Yesterday it sold its 18% stake in online bingo company Cashcade for a total of €15.3m.