Independent sighs relief

Bloomberg

Holders representing 91.16 percent of the 200 million-euro ($269 million) bond by value agree to the extension of the repayment date until June 26, Dublin-based Independent News said in a statement yesterday. The bond was due to be repaid yesterday.

The company plans to sell 150 million euros in assets to reduce debt amid a slump in advertising revenue. Independent News also said its lenders have agreed to a 15 million-euro working capital facility as talks with bondholders continue. The standstill can be extended past June 26 with consent from banks and bondholders.