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Publisher Johnston Press says credit facility amended
October 4, 2016 / 6:11 PM / a year ago

Publisher Johnston Press says credit facility amended

Oct 4 (Reuters) - 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 its publications.

* 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 restructuring deal.

* 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 July 2. ($1 = 0.7851 pounds) (Reporting by Pranav Kiran in Bengaluru)

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