Independent News & Media (IN&M), Ireland's largest newspaper publisher, is continuing to negotiate with a group of bond holders about the maturing of a €200m bond which is due to be paid back in the middle of May.

Among the options being considered is pushing back the maturity date in exchange for a small cash payment. The other option being examined is a debt-for-equity swap with bond holders. Also being discussed is providing higher security to some holders of unsecured debt.

The company declined to comment on reports in UK debt publications last week that a rights issue might also be on the cards. A spokesman for the company, which holds a 29% stake in the Sunday Tribune, said the company would update the market this Friday on a range of issues and was continuing to liaise with relevant creditors.

The company announces its preliminary results on Friday.