Restructuring talks at Hibu pushed back

NEGOTIATIONS over restructuring Hibu’s £2.3bn debt pile have been pushed back as the Yellow Pages publisher and its creditors struggle to reach an agreement.

The firm formerly known as Yell has seen its value collapse as investors have been warned that their shares will become worthless.

Hibu intended to reach an agreement with creditors before the end of June but sources close to the talks now believe that a deal will not be reached until August at the earliest.Creditors including Deutsche Bank and Soros Fund Management are likely to see the majority of their loans wiped out and will take a stake in Hibu at shareholders’ expense.