The deadlock between Independent News & Media, its feuding shareholders, bondholders and banks is loosening. Banks have indicated their support for Tuesday’s “outline” restructuring agreement with bondholders. Denis O’Brien, the dissident shareholder, may yet obstruct it. His ferocity in pursuit of INM suggests little likelihood of him laying down arms. Under the terms of the proposed debt-for-equity swap, he and the O’Reilly family, who own 28 and 26 per cent respectively, will be substantially diluted.

Bondholders will take just less than half of the company’s expanded share capital – 723m shares – in return for writing off €123m of the €200m bond that fell due in May. The balance of their claim, along with unpaid interest, will be settled with a steeply discounted €94m rights issue they will underwrite. If existing shareholders do not subscribe, they will end up with just less than three-quarters of the company’s equity.