CashCade Could Be For Sale
By Staff
Independent News and Media, the leading Irish newspaper and communications group behind online bingo operator CashCade, has announced that it is considering ways to lighten its $1.8 billion debt.

According to a recent article in The Telegraph newspaper, the Dublin-based firm has released a statement to the stock market confirming that it is looking at ways of ‘eliminating its loss-making businesses’. Independent News and Media is reportedly desperate to deleverage before a $263 million bond repayment comes due in May.

The company also owns The Independent and Dainik Jagran newspapers and has allegedly cancelled its dividend, instituted a ten percent pay reduction for all directors and banned bonuses for last year in an attempt to save cash. In addition, it has also put a halt on a planned $263 million bond advised by Merrill Lynch and Davy Stockbrokers.

“As part of this deleveraging process, the group will also focus on eliminating any loss-making businesses,” read a statement from the firm.

“While there is no guarantee that these divestitures will complete, it is expected that these divestitures can be concluded within the next twelve months. Proceeds from any such disposals will be applied towards further debt reduction.”

The Telegraph reported that while no banker had yet been appointed to counsel on any sales, it revealed that investment group Greenhill and Company is advising on the sale of price-comparison site while institutional securities firm Jefferies is involved with the proposed disposal of CashCade.

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