South Africa's embattled daily This Day will suspend publication for the rest of this week as it attempts to forge a financial rescue plan that could mean a partial sale of the paper, its chairman said on Tuesday.
Nigerian investor and newspaper chairman Nduka Obaigbena said This Day was in talks brokered by South Africa's Absa bank on finding a possible strategic and financial partner while plans were put into place to help it out of financial difficulty.
"A comprehensive plan to deal with all debt by This Day newspaper is being put in place and all debt to staff and others will be cleared over the next few weeks," Obaigbena said in a statement.
South Africa's newest daily, thrown into turmoil when its printers refused to print it in a row over unpaid debt on Tuesday, said it would unveil restructuring plans next Monday.
Senior editors told Reuters the Nigerian-owned newspaper launched just over a year ago would not be published because printers Caxton Ltd had refused to run the broadsheet until they had been paid.
They said at least one of This Day's creditors, a small company based in Cape Town, planned to go to court on Tuesday to seek liquidation of the company for unpaid debt.
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