This morning brings more bad news for Johnston Press.
The group heavily involved in local and regional newspapers has been hit hard by the slump in classified advertising reporting that revenues have dropped 36 per cent so far this year.
Reporting results widely predicted with operating profits down 28 per cent,it has announced that it has scrapped its final dividend for 2008.
Revenues for last year were down 12 per cent and the group has written down the value of its titles to the tune of £417m.
One bright spot was its reduction of debt which stood at £476m compared to £691m in the previous year on the back of equity releases.
The results will still raise issues about the companies ongoing viability with the group's next test in June when its borrowing covenents will once gain be tested.
The only real option for the group would be to continue to dispose of its assets but shareholders will question this approach in the current climate as they will be sold at well below their bought value
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