Article: INM expects to finalise debt deal

INDEPENDENT News & Media (INM) expects a restructuring deal to be finalised before the latest extension to its overdue debt payments expires on December 23, chief executive Gavin O'Reilly said yesterday.

Mr O'Reilly was speaking at an Extraordinary General Meeting of shareholders in which the group defeated the resolutions proposed by its second biggest investor, Denis O'Brien.

The two resolutions called firstly to remove Brian Hillery as chairman and secondly to appoint a new senior independent director to replace Baroness Jay. Both motions were defeated by a majority of 65%. Excluding the shareholdings of the two principal shareholders over 98% of other shareholders voted in support of ...

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