Johnston Press yesterday announced a dealer with lenders to halve its "Super Senior Revolving Credit Facility". The Facility, set up in 2014 alongside a major restructuring of the company's finances through new shares, originally allowed for £25m of additional borrowing. From now, that backstop, still unused, is down to £12.5m. The company wants to cut it further from the end of this year, hoping to demonstrate reductions in debt with more sell-offs and a good performance from the newly-acquired i newspaper.
All good stuff, you might think, but shares are down from around 20p on Monday to just under 16p at 0930 today.