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Yell Group plc (HIBU)

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Thursday 29 October, 2009

Yell Group plc

UPDATE ON COMPREHENSIVE REFIN

RNS Number : 5574B
Yell Group plc
29 October 2009
 



   



   29 October 2009


NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES


YELL GROUP PLC

UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS


On 27 October, Yell Group plc announced that it had extended the deadline for its lenders to respond to its refinancing proposals to 5.00pm on Wednesday 28 October. Yell today announces a further extension to the deadline for responses from its lenders to its comprehensive restructuring proposals, to 5.00 pm London time today, Thursday 29 October.

Approximately 1,000 lenders' commitments, representing c.90% by value of debt commitments, are supporting the proposals, against a 95% acceptance threshold. Around 3% by value of debt holders have been unable to accept the proposals, mainly due to restrictions imposed on them by their fund constitutions. Yell and its Debt Co-Ordinators will therefore remain in active dialogue for a further 24 hours with the very few lenders whose approval is still required.  

This is now the third extension. If the threshold cannot be reached by its expiry this evening, Yell may pursue a Court-approved Scheme of Arrangement. Under that route, all lenders would be asked to vote again, and the voting threshold would be 50% by number and 75% by value of those who vote. 

John Davis, Chief Financial Officer of Yell, said: "We have communicated clearly with our lenders and the vast majority, by number and by value, have approved our proposals. We are prepared to provide one further short extension; but we are now very near the point where the Board may have to draw a line under the current process and move to a Scheme of Arrangement. The commercial terms that we have proposed have been accepted by the overwhelming majority of our lenders, and it would seem right that their will should be allowed to prevail." 

Enquiries: 

Yell - Investors                                                       Yell - Media

Rob Hall                                                                Jon Salmon

Tel: +44 (0)118 950 6838                                          Tel: +44 (0) 118 950 6656

Mobile: +44 (0)7793 957 848                                   Mobile: +44 (0)7801 977 340

Citigate Dewe Rogerson

Anthony Carlisle

Tel +22 (0) 20 7638 9571

Mobile: +44 (0) 7973 611 888  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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