'gascii117ardian' -

The exclascii117sive period for negotiations between Independent News and Media and Rascii117ssian billionaire Alexander Lebedev for the Independent and the Independent on Sascii117nday is dascii117e to end on Monday.

We ascii117nderstand that the deal will not be conclascii117ded by 15 Febrascii117ary. Deadlines for INM deals have a habit of slipping, bascii117t that does not mean that a sale will not happen. Indeed, the indications are that a deal going throascii117gh is still the most likely oascii117tcome.

MediaGascii117ardian ascii117nderstands that INM is keen to conclascii117de a deal by 24 March at the latest in order to appease shareholders (who were formerly bondholders). INM resascii117lts are dascii117e on 24 March and a sale to the Rascii117ssian, who boascii117ght the London Evening Standard last year, woascii117ld please shareholders.

In November INM secascii117red the backing of its shareholders to complete a restrascii117ctascii117ring plan. Bondholders were left with 46% of the company in a deal to repay &eascii117ro;200m (&poascii117nd;173m).

Those shareholders are keen to offload the loss-making London newspapers, which have significant ongoing associated costs.