Reuters logo
Hibu reaches deal for creditors to take control of company
July 25, 2013 / 6:36 AM / 4 years ago

Hibu reaches deal for creditors to take control of company

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below