Hibu reaches deal for creditors to take control of company

July 25 Thu Jul 25, 2013 2:32am EDT

July 25 (Reuters) - British directories publisher Hibu Plc reached an agreement with a co-ordinating committee of creditors for them to take control of the company, ending a near two-year struggle to rein in debt.

Hibu said its debt of 2.3 billion pound will be exchanged by lenders for all of the equity in a new group holding company that will own key Hibu subsidiaries.

The deal is subject to the approval of lenders holding 75 percent of the debt, the company said. The co-ordinating committee represents 32.8 percent of Hibu's debt.

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