Hibu appeals to its lenders

By ABHISHEK TAKLE
Published on 18/08/2012 00:00

Yellow Pages publisher Hibu, formerly Yell Group, said it had asked its lenders for waivers on some debt conditions as it works to restructure its debt.

Hibu said last month it had asked lenders to form a co-ordinating committee in preparation for a debt restructuring. Completing the proposed restructuring in a timely manner would require a number of waivers from lenders, Hibu said yesterday in a statement.

The group’s net debt stood at £2.2 billion as of 30 June. Like other directory publishers, Hibu has struggled to stem the fall in print advertising and pare huge debt loads.

Earlier this month, the Office of Fair Trading said restrictions put on the group’s Yellow Pages business in 2007, including a cap on advertising rates, may no longer be appropriate.