Independent may be sold to pay debt

The Independent, one of UK's national newspapers, might be put up for sale to raise money that would cover a $260 million (Dh955m) debt due by May 2009.

According to the Wall Street Journal, Sir Anthony O'Reilly, owner of Independent News and Media PLC, mother company of The Independent, announced a recovery plan that might involve selling left-wing tabloid.

Following the New York Times example, the company is also considering plans to raise money through a debt issue that could be sold to private investors.

Last June, Mexican Billionnaire Carlos Slim lent the New York Times $250m at a 14.1 per cent annual interest rate. Slim currently owns 1 per cent share of the Independent News and Media.
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