The exclusive talks have been extended until 26 February to ensure that the discussions are concluded successfully, according to INM.
INM has already sold assets worth £130m last year. It roughly halved the interests of its existing equity shareholders in a rights issue held to repay a long overdue senior note.
Meanwhile, there has been a lot of speculation over Lebedev's liquidity position and involvement of others in the negotiations. The INM's printing deal with Trinity Mirror as well as its pension and redundancy costs appear to be other stumbling blocks in concluding the deal.