Denis O’Brien, the second-largest shareholder in Independent News & Media , set out an alternative restructuring proposal to the publisher’s banks that would see him put in an additional €100m (£90.5m) of equity.

The move comes as INM moves into the final stages of agreeing a restructuring of its debt after it failed to repay a €200m bond in May. Under the company’s plan, bondholders would receive a 45 per cent stake of the company and Mr O’Brien, like other shareholders, would see his 26 per cent stake diluted by at least half.