The chief executive of Johnston Press has told a national newspaper that the company could drop the ‘Press’ from its name.
In an interview with The Sunday Times Ashley Highfield also said that the regional newspaper publisher may surrender part of the company to the banks so that it can secure a life-saving loan.
It is claimed in the article that as part of a refinancing deal, the publisher’s creditors could end up with the right to buy a stake in the company. Creditors include the Royal Bank of Scotland and Lloyds Banking Group.
The company last week announced that its annual results for 2011 would be postponed for three weeks until 25 April.
The delay is due to the need to conclude agreements on a three-year extension of the company’s credit facilities.
These are due to expire in September and JP is keen to ensure the extension is put in place before the results are announced.
The Times’ interview saw Ashley Highfield hint that the company name could be changed to ‘Johnston’, after referring to the company by that name in one of his answers.
The company which is switching to a digital first strategy intends to sell apps bundled with subscriptions to attract new users.