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The company on Friday said it will need urgent and substantial restructuring in response to high levels of debt and tough trading.
A spokesman on Sunday declined to comment on the report that the company was seeking to write off debt.
The publisher hopes to secure agreement on the debt write-off with a consortium of eight banks by early next year, the newspaper reported without citing sources.
The restructuring will also include a rights issue, a radical cost-cutting programme and the sale of the company's South African unit, the report said.