UPDATE #2 (17/05/2009): Reports in Sunday newspapers today suggest IN&M have managed to secure a standstill pact with bondholders, the company is due to announce this in the morning.

(Via Greenslade) The print edition of the Telegraph reported today that “City traders are betting heavily that Independent News & Media (INM) will be forced into administration as early as Monday as 11th-hour talks between shareholders and bondholders collapsed.”

Meanwhile, also in a print article this morning, The Irish Times reports the Independent group is “on the cusp of a ’standstill’ pact with its bondholders, which would give the company breathing space until late June to reorganise its debt,” however these “efforts are ongoing to convince the remaining holders to approve the standstill deal.”

UPDATE #1: The Daily Telegraph article (’Traders bet on Independent owner to fail as bond looms’ City, page 35) reports “The bondholders are refusing to accept the offer” and quotes one bondholder as saying: “This is the equivalent of 15p when we are owed 100p. The situation has gone on for long enough. The shareholders need to inject more cash and equities and get on with the asset sales over the next year or so.” The Telegraph says INM declined to comment.