Polestar Group, a UK printing company, is set to reveal a debt restructuring agreement with creditors that hold up to £1bn (€1.5bn) of its outstanding debt in a last ditch attempt to stave off insolvency.

Reuters reports that the company, which prints newspaper supplements and consumer magazines such as Hello! and TV Times, has been struggling to make payments to investors and will put together a bailout plan in the next two weeks.