Johston Press agrees extension in debt negotiations

LONDON - Johnston Press, the regional publisher and owner of the Scotsman newspaper, has been granted a two month extension to renegotiate its debt.

The group has secured the extension until 31 August when it will hope to have new banking covenants in place that will grant it more financial headroom.

Johnston Press is renegotiating £448m in debt with a consortium of banks. It follows declines in advertising revenues which have hit the group.

In May this year, the company reported that in the 19 weeks to 9 May, total advertising revenue fell 34.4% year on year. But it added that there had been greater stability in recent weeks in the market.

The publisher said it will provide an update on the negotiations when it publishes its interim results on August 26 this year.

Johnston Press warned the market in May this year that it would breach its banking covenants.

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