The banks lending to Independent News & Media, the troubled publisher in the middle of a refinancing, are sceptical about the alternative plan put forward by disgruntled shareholder Denis O’Brien and have described it as unattractive from an ownership perspective.

One lead bank in INM’s lending syndicate said the main lenders wanted a reconstructed and “more sensible” shareholder registry and an end to the personal politics between Sir Anthony O’Reilly, INM’s former chief executive who holds 28 per cent of the group, and Mr O’Brien, the publisher’s second-largest shareholder with 26 per cent.