Emap’s owners – the Guardian Media Group (GMG) and Apax – have pledged to pump more money into the publisher, the Sunday Times reports:
The pair are gearing up to support an acquisition drive with fresh funds after rejecting proposals to relax covenants on Emap’s £700m of debt because it would be too expensive.
Emap, which was acquired for £1 billion in 2007, warned in its last set of accounts of “significant doubt” that it could carry on as a going concern if economic conditions deteriorate or renegotiations with lenders failed.