|
|
Article: Independent News & Media warns it can't pay debt
- Article from:
- AP Worldstream
- Article date:
- April 30, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
Ireland's major newspaper publisher, Independent News & Media, warned Thursday it is likely to default on a 200 million ($265 million) debt due for repayment next month and is seeking a possible bailout from its top two shareholders.
The Dublin-based global media and advertising company made its disclosure in its full-year 2008 results, which recorded net losses of 159.4 million ($212 million) versus a profit of 195.7 million in 2007.
Sales fell 11.8 percent to 1.48 billion, reflecting the company's loss of advertising and circulation revenue in a newspaper empire that extends from Britain to South Africa, Australia and New Zealand. The company did increase its income ...