Independent News Eyes 100 Million Euro Debt Write-Off

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Indebted Irish publisher Independent News & Media plans to ask its lenders to write off up to 100 million euros ($127 million) of debt as part of a wider overhaul, Britain's Sunday Times reported. The company on Friday said it will need urgent and substantial restructuring in response to high levels of debt and tough trading. A spokesman on Sunday declined to comment on the report that the company was seeking to write off debt. The publisher hopes to secure agreement on the debt write-off with a consortium of eight banks by early next year, the newspaper reported without citing sources. Read more.