Oct 4 (Reuters) - Scotsman publisher Johnston Press Plc’s credit facility was halved by its lenders.
* The publisher said under the revised terms, the total credit commitments would be 12.5 million pounds ($16 million). It earlier had commitments of 25 million pounds.
* The company has been trying to cut debt by selling its non-core assets as its tries to tackle a fall in circulation at its publications.
* The company has lost more than 90 percent of its market value since May 2014, when shareholders approved a 360 million pound debt restructuring deal, which included the issuance of new shares and bonds, as well as the 25 million pound facility.
* Activist investor Crystal Amber Fund Ltd, which had increased its stake in the company to 6.74 percent, said last month that it could help management avoid a poor debt restructuring deal.
* Lenders have agreed to waive the covenant test for September. The next test will be for the 12 month period ending on Dec. 31.
* The company had net debt of 209.4 million pounds as of July 2. ($1 = 0.7851 pounds) (Reporting by Pranav Kiran in Bengaluru)