DUBLIN (Reuters) - Independent News & Media <INME.I> has persuaded most of its bondholders to grant a grace period for a 200 million euro (178 million pound) bond due on Monday until June 26, the Irish Times newspaper reported on Saturday.
An Independent News & Media spokesman declined to comment.
The group, which has built up a debt pile of 1.4 billion euros through overseas expansion, was in last minute talks to get remaining creditors to consent to a "standstill" on the bond, the Irish Times said without naming its sources.
Independent News is offering to make a small cash repayment and grant enhanced credit terms to lenders in exchange for the extension, the Irish Times said. The paper said lenders included Pioneer, Invesco and Aviva.
Independent News last month said there was a strong likelihood of a breach of its financial covenants this year unless lenders agreed to a waiver or amendment of its terms.
The group then said it was looking for a standstill period on the bond and was confident it would reach a satisfactory agreement with lenders.
Independent News, which has failed to sell its 39 percent stake in Australasian radio and newspaper group APN News & Media <APN.AX>, is also considering the option of finding a buyer for its flagship London Independent title, the Irish Times said.
(Reporting by Andras Gergely; editing by Patrick Graham)