Newspaper group which owns News Letter and Derry Journal goes into administration
The newspaper publisher which owns the News Letter and Derry Journal has gone into administration.
The Johnston Press group owns more than 200 local and regional titles across the United Kingdom and the Republic, as well as a number of newspaper websites.
The company had been put up for sale last month, but has not yet attracted a buyer.
In a statement on Friday night the company's board said it had received "considerable interest" but that none of the offers had yet to reach a "sufficient value".
The board has resolved that there is "no value in the ordinary shares of the company" and as such its best option is to be placed into administration.
This week there had been reports Daily Mail publisher DMGT had offered to but the 'i', and there had been interest in other publications from the group.
However, the offers made failed to reach the valulation.
The company is expected to apply for court approval to appoint administrators and execute a sale to a holding company managed by New York hedge fund GoldenTree Asset Management.
Included in the group is national newspaper 'i', which it acquired in 2016, and well-known regional titles The Scotsman, and The Yorkshire Post.
It owns a large number of local titles across Northern Ireland.
Recent market valuations have put the price of the company at around £3m, with any potential buyers taking on £220m in borrowing due for repayment next June.
Belfast Telegraph Digital