Et voila ! In less than 24 hours, Johnston Press has been sold to its bondholders, and will in future be known as JPIMedia. In return for the assets, they've agreed cut what they're owed, to £85m, maturing in 2023, and say they're putting in £35m of new money. And, of course, the pension scheme is now somebody else's problem.
David King (former BBC worldwide finance operative) transfers straight from CEO JP to CEO JPI. A new name joins him on the JPI board - turn-round specialist John Ensall, who has apparently worked miracles for Findus Foods and Addis, currently non-exec at Irish mining group Kenmare. .
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