Oct 4 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
* 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
* 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
($1 = 0.7851 pounds)
(Reporting by Pranav Kiran in Bengaluru)