Johnston Press (CEO ex-BBC technology boss Ashley Highfield) briefed the Telegraph this weekend about moves to ease pressure on the company. The Telegraph says it plans to buy back some of its own debt at a discount. Obviously, it hopes not to use debt to buy debt, so it is auctioning off more titles to rivals, with the aim of raising £40m by the Autumn.
This auction is being run with the help of Ingenious Media. They, you might not remember, advised JP and AH on buying the 'i' newspaper from the Lebvedevs for £24m in February. They've also been tangling with HMRC in tax tribunals about film investment schemes, and backed the BBC tv series Jonathan Strange and Mr Norrell.
Ashley's CFO is David King, who has 14 years experience with the BBC on his CV.
Johnston Press shares shaded down 0.38p this morning, to the straight 10p.