Business | Investment

Yellow Pages publisher to restructure debt

Forms a committee of lenders to lead restructuring talks

  • Reuters
  • Published: 13:41 November 13, 2012
  • Gulf News

Bangalore: British Yellow Pages publisher Hibu Plc., struggling with heavy debt, said it plans to present a restructuring proposal to lenders by January and would try to clean up its balance sheet by the first half of 2013.

The company, formerly Yell Group, has already formed a committee of lenders to lead the restructuring talks and has suspended loan payments.

Hibu said last month that it had reached a deal with the lenders’ committee to defer repayments for £537.3 million (Dh3.13 billion) of debt until it fixes its balance sheet. The directories publisher had a net debt of £2.09 billion and cash of £112 million as of September 30.

It is yet to reach a deal with other lenders, some of whom have threatened legal actions to recover up to £65 million.

Hibu reported a pretax profit of £7 million for the six months ended September 30, down from £69.2 million a year earlier. Revenue fell 15 per cent to £659.9 million.

Gulf News
Retail Gold Rate
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Sharjah to meet investors on sukuk

  2. Diamonds sparkle at gold’s expense

  3. Homes R Us to roll out the mat in Saudi Arabia

  4. Customer service is never just being courteous

  5. Brightly shines Abu Dhabi’s retail sector