YELLOW Pages parent company Hibu has been placed into administration after it agreed a financial restructuring plan with lenders.
Deloitte has been appointed to handle the restructure, which will see Hibu’s shares delisted from the London Stock Exchange at 8am this morning.
Chairman Bob Wigley commented: “With today’s announcement, we move one step closer to securing a capital structure for Hibu which would enable the business to survive and prosper and to safeguard the prospects for our 12,000 employees.
“Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process.”
No other group companies have been placed into administration and there will be no effect on employees, customers, partners or suppliers, the company said in a statement.
Hibu rebranded itself from Yell in 2012 and has been struggling with £2.3bn of debts. The company’s debt problem came largely as a result of several acquisitions in the past decade and declining print sales.