IM Internationalmedia issues bond
COLOGNE, Germany -- The management board of Intermedia parent IM Internationalmedia on Thursday agreed to issue a €3 million ($3.9 million) warrant bond as part of the company's restructuring efforts. Munich's VEM Aktienbank is handling the bond issue. The bond will run through 2011 and have a 10% interest rate if not converted into IM shares. IM stock slid in response to the news, dropping €0.08 (10 cents) to €0.52 (67 cents) by noon on Thursday. The slide was, in part, a correction to Wednesday's gains after the company announced it had signed a letter of intent to sell its U.K. production and distribution divisions as well as a chunk of its rights library to CapCo (HR 11/23).