JPI Media, a company formed by Johnston's bondholders, acquired Johnston Press, a multimedia company based in Edinburgh, Scotland, as part of debt restructuring. Bondholders were writing off more than 60% of senior secured debt, reducing this to £85m ($109m) from £220 ($282m), and would delay full repayment until December 2023. John Ensall, director of JPIMedia added: “In the absence of another financial solution being available for the business, we are pleased to have reached this agreement to acquire Johnston Press, to protect the value of the business, preserve jobs and allow for the uninterrupted publication of its websites and newspapers."