Seat PG seeks debt restructuring, can't achieve business plan
MILAN Feb 5 (Reuters) - Italian directories company Seat Pagine Gialle said on Tuesday its 2011-2013 business plan was no longer achievable, and it would not meet a Feb. 6 interest payment on a 600 million euro ($814 million) senior loan.
The company said it would ask creditors for a debt restructuring, and would be unable to meet its debt obligations in 2013.
Seat PG said last week it would not be able to pay a bond coupon, blaming the weak Italian economy for a continuing decline in print advertising sales. Five months ago, the company completed a lengthy debt restructuring.
($1 = 0.7376 euros) (Reporting by Jennifer Clark; Editing by Mark Potter)