Yellow Pages publisher Hibu seeks waivers from lenders

Fri Aug 17, 2012 11:06am EDT

Aug 17 (Reuters) - Yellow Pages publisher Hibu Plc, formerly Yell Group, said it has 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 in a statement.

The group's net debt stood at 2.2 billion pounds ($3.4 billion) as of June 30.

Like other directory publishers, Hibu has struggled to stem the slide in print advertising and pare huge debt loads, as more people turn to Internet-based giants like Google to find local listings.

Earlier this month, Britain's 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.

Shares in the company were down about 3 percent at 1.16 pence at 1437 GMT on Friday ┼żon the London Stock Exchange.

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