INM considers its future

David Hellier
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IT&rsquo;S decision day for the embattled Independent News &amp; Media (INM) group as its bitterly divided board meets to review key restructuring proposals.<br /><br />INM said yesterday it had not made a final decision on any proposal. The heavily indebted company will likely discuss a debt-for-equity swap with bondholders, announced last week, and a separate rescue plan proposed by key shareholder Denis O&rsquo;Brien.<br /><br />The group said last week it planned to give bondholders a substantial equity stake and hold a deeply discounted rights issue at five euro cents a share, giving shareholders the opportunity to participate in the restructuring.<br /><br />An industry source said a deal could involve between &euro;100m and &euro;120m euros being swapped for a stake in the company, giving bondholders an equity stake of around half in the group.