April 18, 2014 / 7:11 AM / in 4 years

Seat Pagine Gialle may shut for business due to "significant uncertainties" -PwC

MILAN, April 18 (Reuters) - Italian yellow pages company Seat Pagine Gialle may cease to operate as last year’s accounts showed “significant uncertainties”, its auditors PricewaterhouseCoopers (PwC) said.

Cash-strapped Seat, which has a market value of 26 million euros ($36 million), is caught up in a long drawn-out court restructuring, similar to Chapter 11 bankruptcy, that has already caused losses for its lenders.

Seat released a document late on Thursday from PwC saying that the company’s 2013 accounts showed “certain factors that contribute in a decisive manner to the continued existence of significant uncertainties around the company’s ability to continue to operate for the foreseeable future”.

It said, however, that approval given for a restructuring plan by shareholders in March reduced the uncertainty around the company’s future. (Reporting by Isla Binnie; Editing by Louise Ireland)

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