Independent News & Media is in the grip of a hideous game of chicken, with some holders of a €200m bond that is due for repayment in May refusing to roll the terms over as the company attempts to restructure its total debt of €1.4bn, writes Ben Fenton .

The bondholders seem to be hoping that Denis O'Brien, who owns 26 per cent of the company's shares, will change his mind and pump cash into the business. This seems far from certain and the Mexican stand-off may continue until the last moment, which is on Thursday .