More twists and turns in the Independent and Mecom sagas today.

Independent News and Media (at time of writing) has failed to reach an agreement with bondholders – the company was meant to reach a deal on the £179 million bond by May 18, but is now seeking a ‘standstill’ period.

Meanwhile newspaper publisher Mecom has secured yet another convenant extension, raising about £140 million in new equity from shareholders, but also announced 500 job cuts.

The news has triggered a memory for blogger Kristine Lowe of a journalism conference in 1997 2007, where Mecom boss David Montgomery responded to an assertion by the Telegraph that there was no reason for the Independent or Guardian to exist:

“I didn’t say that. The Telegraph did. But in general I think companies should make money. I think it’s demeaning for people to work for companies that don’t,” he told Lowe at the time.

How very apt.