Johnston Press, the publisher behind 300 publications in the UK, faces uncertainty if it does not secure new bank loans or sell its Irish newspapers at a good price.
The publisher said that advertising has plunged by 36% already this year, following on from a 16.8% fall in the UK and 22.6% in Ireland last year. Advertising accounts for a large proportion of its revenues.
Irish corporate finance firm Raglan Capital has been hired to handle the sale of the newspaper group's Irish titles. It has been estimated that the titles including the Limerick Leader are worth €80m (£74m) to €90m.
Johnston purchased Local Press Ltd and the Leinster Leader Group in 2005, for £65m and €139m, but are also expected to sell for €80m.
First round bids are expected at the end of the week, according to John Fry, the new chief executive.
The group is not planning to dispose of any other titles. A sale of its lead titles - the Scotsman and the Yorkshire Evening Post would not be worth the gain.
