The Great Debate UK

Independent buys a month’s reprieve


REUTERS– Neil Collins is a Reuters columnist. The views expressed are his own –

Tony O’Reilly has managed to retire from the company he built before the edifice crumbles, but it has been a close run thing.

Two weeks after he stepped down after 36 years, Dublin-based Independent News and Media has scrambled a standstill agreement with the holders of a 200 million euro bond which was due for repayment on Monday.

The bankers are putting up 15 million euros, and the bondholders have agreed to hold off until June 26, in the hope that enough bits of the empire can be sold to save it.