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26/04/2013
INM Agrees Debt Restructuring
Dublin based firm Independent News & Media (INM) has entered into a deal to cut its debts by two thirds.
The move will be its second restructuring in four years.
INM is implementing a series of measures which the firm said will reduce its net debt from €424m to €118m.
It will also involve cutting 100 jobs in Ireland.
Vincent Crowley, Group Chief Executive Officer, said: "Forecasting in these tough and challenging conditions is very difficult and visibility remains short. To date in 2013, we have seen total revenues down 10.4% in constant currency on the prior year. However, cost reduction initiatives implemented to date and planned, are targeted to assist in mitigating much of this revenue fall."
(CD/MH)
The move will be its second restructuring in four years.
INM is implementing a series of measures which the firm said will reduce its net debt from €424m to €118m.
It will also involve cutting 100 jobs in Ireland.
Vincent Crowley, Group Chief Executive Officer, said: "Forecasting in these tough and challenging conditions is very difficult and visibility remains short. To date in 2013, we have seen total revenues down 10.4% in constant currency on the prior year. However, cost reduction initiatives implemented to date and planned, are targeted to assist in mitigating much of this revenue fall."
(CD/MH)
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