Yell wins battle to refinance its debts

Published on Monday 2 November 2009 20:05

YELL, the directories business, has finally won sufficient support from lenders to press ahead with plans to refinance its £3.8 billion debt mountain.

The Yellow Pages owner needed 95 per cent of its creditors by value to back the move and had delayed the deadline for acceptances three times in its efforts to cross the threshold. Yell will now launch plans to raise at least 500 million from shareholders.

The Reading-based group has 300 creditors and had struggled to achieve the high level of support needed, mainly because of the numbers involved in the process.