The board of Independent News & Media (INM) will today meet to review restructuring proposals, the company said.
The board has not made any final determination on any proposal, INM said.
Denis O’Brien set out terms for his €100 million investment plan to chief executive Gavin O’Reilly at a meeting between the rival camps vying for control of the company.
Amid deepening antagonism between the two men and their associates over rival plans to settle an overdue €200 million bond and refinance €1.1 billion in bank debt, Mr O’Brien flew in from New York last week to present his plan to INM’s executive team at an engagement at the group’s headquarters at Citywest in Dublin.
Already the owner of a significant national and local radio business, he proposed taking 67 per cent of INM’s equity in a scheme that would dilute existing shareholders by as much as 92 per cent.
While he would halt the €98 million sale of South African advertising unit INM Outdoor, INM said its banks and bondholders are consenting to the sale.
Mr O’Brien said he would close or dispose of the London Independent titles, but INM has argued that the cancellation of print contracts would cost €35 million.
The INM board postponed until today its decision on the issue. Ahead of the meeting, a “standstill” with banks and bondholders was extended until October 30th.