BusinessBusiness RecoveryKPMG called in to restructure Johnston Press

KPMG called in to restructure Johnston Press

Big Four firm to focus on refinancing bank facilities at newspaper group

KPMG has been appointed to restructure the debts of regional newspaper group
Johnston Press.

The immediate task is to refinance Johnston’s bank facilities which are due
to expire in September 2010.

Like many media outlets, the publisher of the Scotsman and the Yorkshire Post
has suffered a sharp decline in advertising revenue in line with slower UK
economic growth.

The group says its focus is on cutting costs and repaying debt. Net
borrowings stood at £465m last November.

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