INM days from bank debt deal

Independent News &amp; Media (INM) could be just days from a refinancing proposal that includes a debt-for-equity swap to pay a long-overdue &euro;200m (&pound;176m) bond.<br /><br />Any deal would dilute the stakes of its shareholders &ndash; including founder Sir Anthony O&rsquo;Reilly and second-largest shareholder Denis O&rsquo;Brien &ndash; but would give management breathing space to steer the company towards a sounder financial footing.<br /><br />INM&rsquo;s banks are understood to have agreed to the cash and equity plan, and to extend the firm&rsquo;s &euro;1.3bn in loans until 2014 as part of the deal.