UPDATED: Telegraph owner tables bid to keep control of newspapers

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June 8 (Reuters) – The owners of Telegraph group of newspapers have tabled a proposal to restructure its debt to Britain’s Lloyds Banking Group an attempt to regain control of the newspaper, Sky News reported on Thursday.

The Barclay family submitted an offer to Lloyds on Wednesday that would have entailed the bank writing off a portion of the roughly 1 billion pounds ($1.25 billion) it is owed, the report added.

The Barclay family owns shares of B.UK Ltd, a holding company within the Penultimate Investment Holdings Ltd (PIHL) Group that indirectly owns Telegraph Media Group Ltd (TMG) and The Spectator magazine.

Lloyds did not immediately respond to a Reuters request for comment, while the Barclay family could not be immediately reached.

The news on the offer comes after restructuring group AlixPartners said on Wednesday the newspaper could be sold after the Bank of Scotland appointed receivers for shares of the publisher’s owners.

Sky News said the proposal had been rejected by Bank of Scotland, the Lloyds subsidiary that is owed the money.

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