MILAN Feb 6 Debt-laden Italian yellow pages
publisher Seat Pagine Gialle has filed a request in
court to be admitted to a procedure aimed at seeking a debt
restructuring deal with its creditors, the company said on
"The first step to stabilise the company financially over
the long term and guarantee it can continue to operate has been
made," Seat PG said in a statement.
The application for the so-called "concordato preventivo" -
a process similar to Chapter 11 proceedings in the United States
- was made with a court in Turin, where Seat is based since its
foundation in 1925.
The court can give the company either 60 or 120 days to draw
up the plan, with a further extension of up to 60 days. There
will be no payments to creditors during this period.
Seat PG said on Tuesday it would ask creditors for a debt
restructuring after conceding that its interest burden and the
deepening recession have made its targets to 2015 unachievable.
(Reporting By Danilo Masoni; editing by Francesca Landini)