Yell extends debt talks deadline
STRUGGLING Yellow Pages firm Yell has again extended the deadline to agree a refinancing deal for its £3.8 billion debt.
The directories group has given lenders until 5pm today to approve its plans
Yell had already extended the deadline by a week, but while the company has received backing from a high percentage of its 300 creditors, it needs to achieve 95 per cent approval by value to pass the scheme.
Yell wants to raise 500 million through an investor cash-call to pay off some of its debt, while increasing the interest rate payable in return for an extension of the repayment date to 2014.
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Saturday 18 February 2012
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