Denis O’Brien, the rebel shareholder in Independent News & Media, is demanding a meeting of shareholders ‘to order the immediate sale or closure’ of the group’s UK newspapers – the Independent and Independent on Sunday, reports MediaGuardian.
O’Brien has tabled eight resolutions for the meeting including the above and calls for group chairman Brian Hillery to resign.
Last week it was reported that the group as a whole had fallen into the red.
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The latest on the Independent News & Media financial negotiations, as reported by the Irish Times:
“Bondholders in Independent News & Media (IN&M) are negotiating with the company on the resolution of an overdue €200 million note on the basis that key investor Denis O’Brien will not sign up to current proposals.”
Last month, in an interview with the Irish Sunday Times, O’Brien said that it was possible IN&M might go into bankruptcy protection.
Irish entrepeneur Denis O’Brien says that Independent News & Media (INM) needs to sell its Independent titles along with the Belfast Telegraph, as a result of the financial situation.