Independent News & Media says a meeting of its bondholders held in London today has backed its plans to restructure the company.
INM said 99.72% of the bonds present voted in favour, well above the 75% mark needed.
INM will hold an EGM of shareholders on November 26 to vote on the plan, which will give bondholders a 46% stake in the group, almost halving the holdings of existing shareholders.
It is proposed that the group will swap €123m of an overdue €200m bond for a 46% equity stake, which represents 17 cent per share.
IN said it welcomed today's vote, and now anticipated that its restructuring would be completed before the end of the year. INM will continue to owe bondholders €198m.
INM's second biggest shareholder Denis O'Brien has been opposing the restructuring plan, and a resolution from him which would revoke the directors' power to allot and issue shares will be put forward at another EGM on November 13. Two resolutions tabled by Mr O'Brien were defeated last week.
