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Creditors give Christmas deadline for INM bond

Creditors have given Independent News &amp; Media until 23 December to finalise plans on the payment of a bond originally due in May.<br /><br />After being granted several extensions to the deadline on the &euro;200m (&pound;179m) bond, INM last month agreed a deal with bondholders that could give them a 47 per cent stake in the publishing group.<br /><br />INM plans to swap &euro;123m of the bond for a 46 per cent equity stake and then hold a rights issue for the balance. Creditors will get a stake of around 47 per cent if all existing shareholders subscribe to the issue.<br /><br />In a trading update last week the company revised its forecast for full-year operating profit before exceptionals to &euro;170-190m. That was down from a forecast at the lower end of &euro;180-210m made in August and &euro;200-230m estimated in April.<br /><br />INM said restructuring its overdue debt and shareholder structure would ultimately lead to growth.