LONDON (Reuters) - Johnston Press JPR.L, the publisher of The Scotsman, The Yorkshire Post and “i”, put itself up for sale on Thursday after it reviewed its finiancial situation, which includes a large debt repayment due next year.
The company said in August it was trying to grapple with tough market conditions affecting the performance of its newspapers and websites, as well as pension obligations and the weight of its debt.
It has 220 million pounds ($290.7 million) of borrowing due for repayment in June.
Shares in Johnston Press, which reported a 10 percent drop in revenue to 93 million pounds in the six months to end-June, have fallen 78 percent in the last 12 months.
They closed on Wednesday at 3.245 pence, valuing the company’s equity at 3.4 million pounds.
Reporting by Paul Sandle; editing by Sarah Young