Independent News & Media said today that the financial standstill originally entered into on May 17th with banks and bondholders has been extended to August 27th.
Shares in the company fell by almost 7 per cent in Dublin trading to 20.5 cents by 2.48pm, giving the company a market capitalisation of €172 million.
INM said in a statement today that none of its publishing assets in Ireland, the UK, South
Africa or Australasia were being disposed of.
Among its newspaper titles in the Republic are the
Irish Impendentand
Sunday Independent.
The group said it had generated €37 million from asset disposals last month. The company is due to issue half-year results on August 28th.