Yell gets time to sort its debt

SHARES in directories business Yell rose yesterday, although they remain at a fraction of the 592p peak they reached five years ago, as the group’s lenders agreed to amend financial covenants.

The new deal will see Yell’s creditors increase the headroom under the search company’s £2.6bn net debt, giving Yell more time to deliver on its contractual obligations.

The group said the bid was approved by “an overwhelming majority of lenders”.

Shares climbed 19 per cent to a high of 7p yesterday and closed at 5.7p.