Independent News & Media said it was seeking to make time stand still as it tried to prevent holders of a €200m (£179m, $265m) bond tipping the international media company into administration.

Changing the terms of the bond, which becomes due on May 18, requires a meeting of the holders and that in turn needs 21 days’ notice that cannot now be met. As a result IN&M is trying to negotiate with a representative group of creditors for a “standstill period”.