LONDON (Alliance News) - Johnston Press PLC Friday said it has agreed with its lenders to reset its financial covenants through to the maturity of its debt facilities in September 2015.
The UK-based community media group said the decision provides the company with a stable financial position and it now intends to pursue a refinancing of these debt facilities in 2014.
The company said discussions regarding its refinancing are expected to commence in the new year and a further trading update will be provided in March 2014 along with the company's full year results for 2013.
Johnston Press achieved a like-for-like operating profit increase of 4.3% in the six months to June 2013, the first such increase in seven years, and by 7.8% in the 18 weeks to October 2013.
Johnston Press shares were trading flat at 14.5 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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