Independent News&Media hires debt adviser-sources

By Victoria Howley

LONDON, June 15 (Reuters) - Independent News & Media (INME.L: Quote, Profile, Research) has brought in leveraged finance advisory firm North Sea Partners to help negotiate its debt pile, two people familiar with the matter said on Monday.

The Dublin-based publisher of Britain's Independent newspaper has built up 1.4 billion euros ($1.94 billion) of debt through overseas expansion but has been hard hit by a collapse in advertising markets due to the recession.

Independent News & Media said last month that its principal banks and bondholders had agreed to defer payment of a 200 million euro bond until June 26 under a financial standstill arrangement.

The bond had been due for payment in May, but lenders gave the company extra time to avoid a default.

The appointment of North Sea came after the firm recently recruited credit veteran Malcolm Stewart as a managing partner for Europe.

Stewart has over 25 years of experience in global credit, according to a North Sea statement. He has been head of European Leveraged Capital Markets at Merrill Lynch and head of European Leveraged Finance at Citigroup (C.N: Quote, Profile, Research). Investment bank Rothschild ROT.UL and Irish brokerage Davy have also provided advice to the company during the process.

Independent News & Media did not immediately respond to e-mailed questions for comment. Davy and North Sea could not be reached immediately for comment.

Rothschild declined to comment.