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26/04/2013
INM Agrees Debt Restructuring
Dublin based firm Independent News & Media (INM) has entered into a deal to cut its debts by two thirds.
The move will be its second restructuring in four years.
INM is implementing a series of measures which the firm said will reduce its net debt from €424m to €118m.
It will also involve cutting 100 jobs in Ireland.
Vincent Crowley, Group Chief Executive Officer, said: "Forecasting in these tough and challenging conditions is very difficult and visibility remains short. To date in 2013, we have seen total revenues down 10.4% in constant currency on the prior year. However, cost reduction initiatives implemented to date and planned, are targeted to assist in mitigating much of this revenue fall."
(CD/MH)
The move will be its second restructuring in four years.
INM is implementing a series of measures which the firm said will reduce its net debt from €424m to €118m.
It will also involve cutting 100 jobs in Ireland.
Vincent Crowley, Group Chief Executive Officer, said: "Forecasting in these tough and challenging conditions is very difficult and visibility remains short. To date in 2013, we have seen total revenues down 10.4% in constant currency on the prior year. However, cost reduction initiatives implemented to date and planned, are targeted to assist in mitigating much of this revenue fall."
(CD/MH)
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Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
