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Seat PG suspends payment of 42.2 mln euro interest
January 28, 2013 / 7:20 PM / 5 years ago

Seat PG suspends payment of 42.2 mln euro interest

MILAN, Jan 28 (Reuters) - Italian yellow pages company Seat Pagine Gialle said on Monday it had decided to suspend the payment of 42.2 million euros ($56.8 million) of interest due on Jan 31 on senior secured notes, as its business environment worsens.

It said its 2011-2013 strategy plan as well as 2015 target set by previous management were under review.

The decision comes as the company carries out an assessment of its debt and asset profile on the back of worsening economic and market conditions, according to a statement.

Seat, which underwent radical debt restructuring, said any decision on the interest payment will depend on the outcome of the assessment and will be made before the end a grace period.

Seat said it had enough financial resources to meet coming debt maturities. Its board will meet again before Feb. 6.

$1 = 0.7429 euros Reporting By Danilo Masoni, editing by Stepehen Jewkes

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