← back to all news Johnston Press to go into administration
Johnston Press is going into administration, according to media reports this evening. The newspaper group is preparing to end its debt crisis by handing control of the company to its lenders. The decision comes as the result of a strategic review undertaken by directors in order to find a way to deal with the newspaper group’s historic debt and pension obligations.
Subject to the completion of several formal court approvals, including the legal process of transfer, the company's businesses and assets will be sold to a newly-Incorporated group of companies controlled by investors who own Johnston Press debt.
The newspapers and websites will continue to be published as usual and suppliers will be contacted in order to re-establish trading relationships.
The news was revealed to employees in an email sent this evening.
More information is expected tomorrow.