Weight of ?2.3bn debt sinks Yellow Pages publisher

Lenders are set to take control of Hibu in a debt-for-equity deal, ending the Yellow Pages publisher?s two-year struggle under the weight of ?2.3 billion of debt .

The proposed deal would cut the company?s debt to ?1.5 billion and give lenders control of the business and access to any surplus cash generated.

The agreement is subject to approval from lenders holding 75 per cent of the debt, Hibu said. The deal already has the backing of lenders holding 32.8 per cent of the group?s debt.

Hibu built its debt mountain through a series of ambitious acquisitions, including a ?3.3 billion

Source: http://www.thetimes.co.uk/tto/business/industries/media/article3824871.ece

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