The company is currently in the process of offloading subsidiaries in order to raise funds, though has ruled out a sale of its assets in Australia and New Zealand. INM is the key stakeholder in APN News and Media, Australia and New Zealand’s biggest outdoor advertising company and owner of 14 daily newspapers and 75 community publications in Australia, as well as 10 daily newspapers in New Zealand.

In an interview with The Irish Sunday Times, Denis O’Brien, INM’s second biggest shareholder, told the newspaper that it could go into “examinership” – a situation similar to the American Chapter 11 bankruptcy protection.

When asked about the possibility, he told the newspaper “We’ll have to consider it”.

O’Brien, branded a “troublesome shareholder” in some quarters, also maintained that he would block any attempted sale of the INM’s South African advertising division, INM Outdoor, with the company reportedly receiving a £100m ($A199m) bid for INM Outdoor last week.

“I’m against it,” O’Brien said. “South Africa has a hell of a good media market. The earnings in the outdoor business are growing at 20% a year. It’s a great business. It doubles in four years.”

O’Brien holds a 26% stake in INM, bettered only by its founder, Tony O’Reilly. The two are in dispute over the way forward for the company, with O’Brien demanding it sell its loss-making UK titles The Independent and The Independent on Sunday.

INM attempted to sell its stake in APN last year, but withdrew the offer after failing to find a buyer to match its asking price.

In May this year, APN announced a capital-raising venture in order to reduce its $A911m debt and ‘dilute’ the 39 per cent stake of INM.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter