Irish Independent on the brink

cd27

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Is the Irish Independent on the brink?

INM bondholders ramp up pressure over €200m note failure - The Irish Times - Sat, Jul 25, 2009

In addition to bondholders, whose money has been overdue since May, any resolution must also satisfy the company’s banks, who are owed a further €590 million due later this year and next year, and another €591 million in 2012.

Bondholders are refusing to accept INM proposals which would see their ultimate repayment cut by more than 25 per cent.

They argue that the current terms on offer would enrich INM’s shareholders, at their expense.

They are prepared to subscribe to a discounted rights issue, the consequence of which would be to radically dilute the interest of Sir Anthony and Mr O’Brien.

Shareholder resistance to such a proposal is at odds with commercial precedent, the bondholders say.

“The shareholders are not playing by the rules of European restructuring and are risking the livelihood of the employees of the company,” said a source close to the bondholder group.

“They are putting the interests of shareholders before the health of the company.”
 


Cogadh

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If they go under it couldn't have happened to a nicer bunch of cúnts and will be absolutely no loss to Irish society.
 

JCSkinner

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They just sold their bingo business. INM appear to be conducting a fire sale to survive currently.
Contrary to the previous poster, I think the loss of so many newspapers would be a devastating blow to diversity of opinion, freedom of speech and society as a whole in Ireland.
While I have no love for scum like 'Sir' Anto, if INM goes under then many more jobs will be lost and Ireland will be much worse off in terms of its public space for debate.
 

Clanrickard

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Please desist from calling O'Reilly, Sir Anthony. It just feeds that prats ego.
 

White Horse

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I hope not. For all it's faults, it still more of a national paper then the Dublin Times.
 

Cogadh

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They just sold their bingo business. INM appear to be conducting a fire sale to survive currently.
Contrary to the previous poster, I think the loss of so many newspapers would be a devastating blow to diversity of opinion, freedom of speech and society as a whole in Ireland.
While I have no love for scum like 'Sir' Anto, if INM goes under then many more jobs will be lost and Ireland will be much worse off in terms of its public space for debate.
Should INM go under we'd probably get a much better newspapers to replace it meaning public space for debate would not be harmed and the quality of such would in all likelihood improve.

That's all before you consider that newspapers are all old hat nowadays anyway when it comes to public debate. Compared with the democratic nature of the internet, newspapers, especially the O'Reilly rags, are increasingly becoming simply mouthpieces for their owners agendas. Agendas that are usually at odds with the survival of Irish society anyway. INM will be no loss.
 

Cogadh

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INM publish or have a stake in a lot more papers than the Indo and Sindo.
That is certainly not a good thing for 'public space for debate' or 'diversity of opinion'.
 

JCSkinner

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Should INM go under we'd probably get a much better newspaper to replace it meaning public space for debate would not be harmed and the quality of such would in all likelihood improve.
No one is going to launch such an entity in the current climate. It's possible that the titles might survive via a fire sale, but really, who's going to buy them? I don't see a buyer anywhere.

That's all before you consider that newspapers are all old hat nowadays anyway when it comes to public debate. Compared with the democratic nature of the internet, newspapers, especially the O'Reilly rags, are increasingly becoming simply mouthpieces for their owners agendas. Agendas that are usually at odds with the survival of Irish society anyway. INM will be no loss.
People have been predicting the death of the book for many decades now. TV, cinema, the interweb, all sorts of things were to kill off the book. Yet it remains, a design classic for six or more centuries.
Similarly with newspapers. People who predict that the internet will replace mainstream media seem to forget the fact that news costs money.
If you want the amateur-produced free output of the blogosphere or whatever, you'll get free content, that's for sure. There will be no end of comment, opinion, analysis.
But you won't get any news, because news costs money. And while a demand for news remains, so will the media.
 

Factorem

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I think the loss of so many newspapers would be a devastating blow to diversity of opinion, freedom of speech and society as a whole in Ireland.
What a load of ********************ology. If the Sindo and the Irish Independent kick the bucket, it will be a great thing for Irish society.
 

JCSkinner

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That is certainly not a good thing for 'public space for debate' or 'diversity of opinion'.
I don't like seeing so much of the media in one organisation's hands in this country. But it has to be said that the output of INM is extremely disparate, even among its national titles.
There is no doubt whatsoever that INM's papers contribute enormously to both the public debating space and diversity of opinion in Ireland.
 

Factorem

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INM publish or have a stake in a lot more papers than the Indo and Sindo.
Yes, because "Sir" Anthony (as middle class as they come, couldn't afford to live on the South side when he was at college) fancies himself as a media mogul.
 

JCSkinner

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What a load of ********************ology. If the Sindo and the Irish Independent kick the bucket, it will be a great thing for Irish society.
How would we all benefit exactly from the Indo, Sindo, Herald, Tribune, World, Star etc all folding simultaneously?
 

Factorem

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How would we all benefit exactly from the Indo, Sindo, Herald, Tribune, World, Star etc all folding simultaneously?
Oh so it's better to keep the regular readers in cloud cookoo land?

If it takes the collapse of INM to get rid of the Sunday Independent style magazine and living and leisure section, then so be it. It's been a cancerous growth on Irish society, particularly through the boom years. The publication poured petrol on the fire, acted as a class wonderbra, and has left many people with empty sad lives who look to the local shopping mall for comfort.
 

kerrynorth

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They are going to have to ditch the deadwood like the Tribune fairly rapidly. The Indo Group is just burning money in Ireland at the moment with no prospect of recovery anytime soon. The whole group going under is a distinct possibility.
 

Catalpa

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They just sold their bingo business. INM appear to be conducting a fire sale to survive currently.
Contrary to the previous poster, I think the loss of so many newspapers would be a devastating blow to diversity of opinion, freedom of speech and society as a whole in Ireland.
While I have no love for scum like 'Sir' Anto, if INM goes under then many more jobs will be lost and Ireland will be much worse off in terms of its public space for debate.
But just think what it will do for this Site!:D

Seriously though is a not a more likely outcome that the Indo will be sold off as a going concern and thus re coup some of the money Anto & his mates owe to the Bankers?
 


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