Ashurst advising i newspaper publisher Johnston Press on search for buyer
Firm leads for longstanding client on potential sale ahead of debt deadline
October 11, 2018 at 10:25 AM
2 minute read
Ashurst is advising newspaper publisher Johnston Press as it seeks a buyer ahead of a repayment deadline for £220m worth of loans.
The company, which publishes the i newspaper, as well as The Scotsman and The Yorkshire Post and more than 200 regional titles, announced it is formally seeking buyers earlier today (11 October).
The company said the decision had come after a "strategic review of financing options", and that it had decided to look for a bidder after "exploring all options available to it in relation to its £220m outstanding due for repayment on 1 June 2019″.
Ashurst has been advising Johnston – a longstanding client of the firm – on its review and subsequent decision to seek offers.
The firm's London-based team includes restructuring and special situations global head Giles Boothman, restructuring and special situations partner Ru-Woei Foong and corporate partner Karen Davies.
Davies previously led the Ashurst team which advised Johnston on its purchase of the i newspaper – sister publication of The Independent – from Russian businessman Evgeny Lebedev in 2016. She also led the firm's team that advised Johnston on its £360m refinancing plan in 2014.
Ashurst also took a role on another newspaper sale earlier this year, when Trinity Mirror acquired rival newspaper publishing group Northern & Shell for £127m. Ashurst advised sponsor Numis Securities, while Norton Rose Fulbright and Rosenblatt acted for Trinity and Northern & Shell respectively.
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