Irish media group Independent News & Media has struck a deal with its bondholders, effectively giving them nearly half of the company in order to repay debts and shore up its balance sheet.
The refinancing agreement sees the company giving bondholders a stake of 46% in lieu of 200 million worth of overdue bonds.
The group will also raise up to 94 million through a deeply discounted rights issue.
Independent News part owns The New Zealand Herald. It plans to sell assets to reduce debt as it struggles with a slump in advertising revenue.
However, it has no plans to get rid of its stake of 39% in Herald owner APN.