November 16, 2018 / 9:17 PM / 6 months ago

Britain's Johnston Press poised to declare itself insolvent- The Telegraph

Nov 16 (Reuters) - Britain's Johnston Press, the publisher of The Scotsman, The Yorkshire Post and "I", is preparing to end its debt crisis this weekend by entering administration and immediately handing control to its lenders, The Telegraph said on Friday.

The embattled publisher is poised to declare itself insolvent, according to multiple sources with knowledge of the plan, the paper said.

The company is due to apply for court approval to appoint administrators and execute a pre-packaged sale to a new holding company controlled by the New York hedge fund GoldenTree Asset Management, Telegraph said.

The restructuring specialists AlixPartners would handle the administration, which is scheduled over the weekend to minimise disruption to Johnston Press, the newspaper added.

The owner of the Daily Mail newspaper had drawn up a plan to make an offer for the "I" title from Johnston Press after the struggling regional publisher put itself up for sale, Sky News reported lest week.

The company said in August it was trying to grapple with tough market conditions affecting the performance of its newspapers and websites, pension obligations and the weight of its debt.

Johnston Press and GoldenTree did not immediately respond to a Reuters request for comment. (Reporting by Rishika Chatterjee in Bengaluru; Editing by Hugh Lawson)

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