Sport Media scores last-minute loans
Posted by Emily Dilling on April 30, 2009 at 6:21 AM
British Sport Media Group Plc has secured supplementary financing and is no longer expected to be sold, Reuters reported today. The company will receive a £1.7 million loan in order to offset its 93 percent drop in profit.
In a statement, the company claimed "these loans will enable the group to effect a restructuring and re-organisation of the Sport Newspaper business to restore it to profitability." The company also said a new print contract and staff cuts would be included in the restructuring.
In a statement, the company claimed "these loans will enable the group to effect a restructuring and re-organisation of the Sport Newspaper business to restore it to profitability." The company also said a new print contract and staff cuts would be included in the restructuring.
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