THE newspaper group which owns the News Letter and Derry Journal has announced its intention to place itself into administration.
Johnston Press, which also publishes titles in Britain and various weekly newspapers in Northern Ireland, said its board had concluded there is "no value in the ordinary shares of the company".
The move places in doubt the future of its newspapers, which include the i paper, the Scotsman and the Yorkshire Post.
The News Letter is the oldest English-language general daily newspaper still in publication, having first been printed in 1737. It has been owned by Johnston Press since 2005.
Johnston Press last month put itself up for sale following a failure to secure a debt re-financing deal for the business, which has £220m of borrowing due for repayment.
In a statement last night, the firm said: "Following considerable interest in the formal sale process, the board has concluded that none of the offers the company has received deliver sufficient value and has ended the formal sale process.
"As a result, the board has concluded that there is no value in the ordinary shares of the company.
"The board has resolved that the best remaining option is for the company and its principal subsidiaries to be placed into administration.
"It is envisaged that, subject to administration orders being made, the group's businesses and assets will then be sold to a newly-incorporated group of companies controlled by the holders of the bonds."
