Johnston Press future secured after buyout by newly-formed JPIMedia

Johnston Press, which owns papers including the  iThe Scotsman and The Yorkshire Post, has been saved at the eleventh hour.

Newly-formed company JPIMedia announced it had bought Johnston Press on Saturday after the publisher put itself into administration. The publisher had been looking to refinance £220m of debt due to be repaid in June next year.

As part of the transaction, creditors have agreed to inject £35m of new money into the business and reduce its net debt level by £135m.

In a statement, JPIMedia offered reassurance that the acquisition of Johnston Press “secures jobs and [the] future of its brands and titles”.

For the full story read the Independent