Yell soars on restructuring hopes

Shares in Yell surged yesterday after it said that talks to restructure its £3.8bn debt pile were on track and said that it had it outperformed guidance for the first quarter. The struggling directories publisher reiterated that it is seeking to extend the maturity of its debt, but made no mention of rights issues or debt-for-equity swaps, which cheered investors. It said it still expected talks to take until the autumn to conclude.