Emap Refinancing: The Ink Isn’t Yet Dry

No final decisions have yet been made on whether Guardian Media Group and Apax Partners will pump more money in to their B2B publisher Emap, led by CEO David Gilbertson.

Times Online reported they have “pledged … to support an acquisition drive with fresh funds” and Telegraph.co.uk followed up with same, claiming Emap had failed to free up cash by renegotiating covenants on its £700 million borrowings.

But paidContent:UK understands discussions surrounding Emap’s covenants are ongoing, therefore no conclusions have been reached on whether new finance will be necessary.

In their 2008/09 accounts, GMG/Apax’s Emap holding company warned “a failure to agree a revision may cast significant doubt about the entity