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19 April 2024

Independent may be sold to pay debt

By Staff Writer
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.