Regional newspaper organisation Johnston Press has hired KPMG to help it explore debt options, it has been reported.
The firm, which publishes hundreds of local newspapers across the UK, is reported to be struggling with over £450 million debt.
John Fry, chief executive of Johnston Press, told the newspaper it had entered into negotiations with business advisory firm KPMG "in the last couple of weeks".
He did not add specifically what options the firm was looking into to reduce its large levels of debt.
Mr Fry told the Financial Times: "The facilities are renewable in 2010, which basically means you have to do work on them a year in advance, so they have to be renewed, therefore, in 2009.
"We're right at the beginning of that process."
Johnston Press recently announced that Ian Russell will succeed Roger Parry as chairman with effect from March 12th 2009.
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