Publisher Johnston Press has been bought out by its creditors and renamed JI Media.

The company went into administration last weekend, before announcing on Monday (19 November) that it had been sold. The new owners are planning to inject £35m into the business and cut the level of senior secured debt by £135m to £85m, with the remaining debt now due in December 2023.

In an open letter penned CEO David King said: “This is good news for the company, as it safeguards your newspapers and websites, continues the employment of all our staff and helps us to have a more stable and secure future.”

Read more: Investor fights Johnston Press break-up