Independent News & Media has secured another agreement with its banks and bondholders which gives it 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 - which ran out today - had been extended until September 25.
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.
The group is due to issue its results for the first six months of this year tomorrow morning.
