Independent News gets deadline extension

Independent News & Media (INM), which owns a 39 per cent stake in New Zealand Herald-owner APN News & Media, has been given more time to repay a 200 million euro ($444.2m) bond.

Irish-based INM said a financial standstill agreement entered into on May 17 with its principal banks and bondholders, initially to run to June 26, had now been extended to July 24.

"Arrangements are also in place to provide the group with sufficient funding to meet its working capital requirements during this new standstill period," INM said.

"The extension of the standstill period will allow ongoing constructive discussions to continue between all key stakeholders in relation to the group's financial restructuring."

Implementation of the standstill needed agreement from all INM's principal bank lenders and more than 75 per cent of INM's bondholders by value, with 81 per cent of the bondholders by value now agreed.

- NZPA