Independent News & Media, the Irish newspaper publisher, received the backing of its bondholders at a special meeting on Tuesday to approve a proposed debt-for-equity swap refinancing.

The plan involves the exchange of €123m ($184m, £110m) of bonds for a 46 per cent stake in the new company. The balance of the bondholders €200 claim will be settled in cash or new shares raised by IN&M in an upcoming €92.2m rights issue, which the bondholders will underwrite.