Private equity fund Apax Partners has drawn up plans to pump £20m ($29m) of fresh equity into Incisive Media, its UK business-to-business publisher, with the aim of keeping control after a debt-for-equity swap.

Incisive, which breached the terms of its financing arrangements in December and has appointed restructuring specialists Talbot Hughes McKillop, has asked for an extension to its covenant waiver until the end of May. The company declined to comment.