Solocal enters court proceedings to speed up debt restructuring
PARIS, April 9
PARIS, April 9 (Reuters) - French online classified ads and directories group Solocal, formerly known as Pages Jaunes, said on Wednesday it had entered court proceedings that will enable it speed up its proposed debt restructuring.
The company said in February it planned to raise 440 million euros ($608 million) in fresh capital and reschedule its debt to improve its finances as it strives to return to growth after five years of shrinking sales.
The accelerated financial safeguard procedure will enable Solocal to make its debt restructuring, which has the support of two-thirds of its creditors, binding to all minority creditors.
Commercial creditors such as customers and suppliers will not be affected by the proceedings, Solocal said in a statement.
It added it would submit the terms of its capital increase to shareholders' approval at an extraordinary general meeting on April 29 and that it hoped to launch the capital hike in May. ($1 = 0.7234 Euros) (Reporting by Gwenaelle Barzic and Natalie Huet; editing by Elaine Hardcastle)