Photobition looks set to announce a programme of debt-restructuring, to convert at least 50m of its 100m debt into equity, following continuing discussions with its bankers and loan note holders (PrintWeek, 19 October).

A spokeswoman said the firm was still working with the institutions to determining a longer-term solution to its debt problems.

The company is understood to be seeking to convert at least half of its massive debt into redeemable cumulative preference shares.

The spokeswoman said that while the company was still in a closed period prior to issuing its results at the end of the month, it could not comment further.

As PrintWeek went to press Photobitions shares had fallen slightly and were trading at 3p.