The Week: City News - GMG and Apax in bank talks

Guardian Media Group and Apax Partners are in continued discussions with banks to relax existing covenants for their business-to-business publisher Emap.

Talks to free up cash by renegotiating covenants on Emap's £700 million borrowings are ongoing, but the owners of Emap are also considering pumping cash into the publisher, which produces titles such as Nursing Times.