Seat PG seeks debt restructuring, can't achieve business plan

MILAN Tue Feb 5, 2013 1:47am EST

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video