Page last updated at 20:46 GMT, Monday, 29 June 2009 21:46 UK

Banks grant Johnston Press time

Johnston Press
Johnston Press says talks on its finances are continuing

The newspaper group, Johnston Press, has been given more time by its banks while it renegotiates its finances.

The company which owns The Scotsman and The Yorkshire Post said it had agreed with its lenders to postpone the testing of certain covenants.

The check on the financial health of the group was to have taken place on Tuesday but has been deferred for two months until the end of August.

Johnston Press has been hit by a drop in advertising revenues.

In May it warned that its profits would be at the lower end of market expectations.

At the same time it said that it was no longer interested in selling its Irish titles because it could not get a good enough price.

Advertising revenue

In the first 19 weeks of this year, advertising revenue at the group was 34.4% lower than the same time last year.

The Edinburgh-based company said negotiations over its finances were continuing and the talks were constructive.

Johnston cut more than 1,000 jobs last year and is merging The Scotsman and Scotland on Sunday newsrooms.

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