Johnston Press, the publisher of "i", Scottish and Yorkshire post, detailed the rescue plan to ensure survival.
The newspaper group was put up for sale last month, but she said that none of the offers she received was strong enough.
She now intends to file a management application and says that the assets of the company will immediately be redeemed by the lenders.
If the agreement is approved by the court, it will preserve jobs and stabilize business, said Johnston Press.
But the company's shares are now worthless and will no longer be traded on the London Stock Exchange since Monday.
In a letter, Executive Director David King informed staff that this move was not an "easy decision".
"If this agreement is approved, the debt will be reduced, new money will be provided by new owners and business will be in a more stable position.
"We are very confident that this is not the end of the story, but the beginning of a new phase in which we are working with new group owners to create a new future," wrote the letter to the staff.
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Johnston Press is one of the largest local and regional newspaper organizations in the United Kingdom, but has a bond of $ 220 million to be repaid in June next year.
Mr King said that the debt "has restricted us" and that none of the offers received for the company was sufficient to repay.
He apologized to staff with a defined-benefit pension scheme – about 250 current employees – to deal with their future payments would be affected by a rescue contract.
"Negative effects on the scheme are an inevitable consequence of taking the steps necessary to ensure the future of business," he wrote.
Mr King said he intends to remain as CEO and said that the rescue plan is better than the "long-term and unpredictable administrative process".
A long history
The publisher has titles covering more than 200 locations from Scotland and Northern Ireland in the south of England.
It was founded in Falkirk in 1767 and was made with acquisitions at the London Stock Exchange in 1988.
The i, which was first published in 2012 and sold for 60p on weekdays and 1 week on Saturdays, is considered a jewel in the crown of its leaves. .
In its most recent results, Johnston Press reported a 10 percent decrease in revenue in the first half of 2018. In a six-month period, it returned to a profit of £ 6.2 million, but this is largely the result of a one-time accounting profit of £ 8.8 million.
In September, I recorded a fall in year-on-year turnover of 9% to 242,408 copies.