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Seat PG seeks debt restructuring, can't achieve business plan
February 5, 2013 / 6:50 AM / 5 years ago

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

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