By Simon Schiff and Paul Cattermole, Global Loan Agency Services Limited (“GLAS”)
Following a strategic review, the restructuring and asset sale of British newspaper group Johnston Press PLC and its subsidiaries (the “Group”) to JPI Media (“JPI”) (a newly incorporated company) was implemented by way of a pre-pack administration (a “Pre-Pack”) in November 2018. Key to the transaction was the restructuring of the debt of the Group as approved by a majority of bondholders as the secured creditors of the Group. The outstanding bonds were partially written down and replaced with new notes in the form of senior notes, senior secured notes and equity. GLAS companies acted as note trustee and security agent on the original bonds and agent and security agent on the new notes as well as tabulation agent, information agent, lock-up agent, holding period trustee, calculation agent and escrow agent.