"GMG and Apax are buying back debt from Emap’s lenders after a warning in the last accounts of 'significant doubt' that the publisher could continue as a going concern because of its £700m debt pile. The owners are expected to buy back more than £100m of the borrowings to give David Gilbertson, the chief executive, more freedom to seek acquisitions and invest in the business. Despite its indebtedness, Emap has fared well in the recession. Advertising revenue has fallen sharply and conference attendances have declined, but it earned close to £100m in the past 12 months, roughly the same as a year ago and enough to cover its annual £50m interest bill. However, it is at risk of breaching technical conditions, or covenants, on its loans later this year." (Disclosure: Emap is my employer.) Read More...