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 £500m.
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.
“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,” said chief financial officer John Davis.
If approved by 95 per cent of Yell’s lenders, the deal would extend the maturity on the group’s £3.8bn debt mountain and amend covenants to allow an equity issue of at least £500m to go ahead.