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Yell extends debt talk deadline again
STRUGGLING directories publisher Yell will today announce plans for a second extension to its deadline for lenders to agree to its refinancing plans, which include a rights issue of at least £500m.
The Yellow Pages owner had until last night to secure approval from 95 per cent of its lenders. But the logistics of speaking to 300 creditors slowed the publisher’s progress down.
The extension will be for a few days, a sign that a high volume of approvals has already been submitted. If agreed, the deal would extend the maturity on the group’s £3.8bn debt mountain.
Last week, Yell said it had received an initial favourable response from its creditors, but extended the deadline to 5pm last night.