Independent rights issue

Independent News & Media is expected this week to announce a plan to launch a rights issue to repay bondholders. The indebted publisher of The Independent would be likely to raise ?50-?100m (£42-84m) with the issue, which would be steeply discounted from the Dublin-based company’s share price. INM’s biggest shareholders, Sir Anthony O’Reilly, former chief executive, and Denis O’Brien, have previously offered a ?30m (£25.3m) of their own fortunes as a cash payment to bondholders to sweeten the terms of a restructuring deal.