Yell extends due date for debt talks

Debt-laden publisher Yell Group said yesterday it had extended the deadline for lenders to agree to its refinancing plans, which include a rights issue of at least &pound;500m.<br /><br />The Yellow Pages publisher said it had received an initial favourable response from its creditors, but that it needed to extend the deadline to 26 October.<br /><br />&ldquo;This is a massive logistical exercise as we have a very large number of lenders, and we are pleased that so many have been able to respond in time,&rdquo; said chief financial officer John Davis. <br /><br />If approved by 95 per cent of Yell&rsquo;s lenders, the deal would extend the maturity on the group&rsquo;s &pound;3.8bn debt mountain and amend covenants to allow an equity issue of at least &pound;500m to go ahead.