Troubled newspaper publisher Johnston Press has put itself up for sale today in an attempt to attract a rescuer before it is pushed into insolvency.
The group and owner of The Scotsman, The Yorkshire Post and “i” took the step after reviewing its finiancial situation. It is due to repay £220m in bonds next summer.
The company’s statement read: “Since commencing the strategic review of financing options first announced in March 2017, the company has focused on exploring all options available to it in relation to its £220m outstanding 8.625% senior secured notes due for repayment on 1 June 2019.
“Pursuant to this strategic review and in order to assess all strategic options to maximise value to its stakeholders, the board of Johnston Press announces today that it has decided to seek offers for the company.”
Shares in Johnston Press have also fallen 78 per cent in the last 12 months. The company had said in August that it was trying to grapple with tough market conditions affecting the performance of its newspapers and websites, as well as pension obligations and the weight of its debt.