Committee of lenders formed to help hibu
The restructuring process of hibu, the debt-laden media company formerly known as Yell Group, has taken another step forward with the formation of a co-ordinating committee of the group's lenders.
The restructuring process of hibu, the debt-laden media company formerly known as Yell Group, has taken another step forward with the formation of a co-ordinating committee of the group's lenders.
The committee comprises representatives from the following parties: Alcentra; GE Corporate Finance Bank; Gruss Asset Management; GSO Capital Partners; QP SFM Capital Holdings ; The Royal Bank of Scotland.
The co-ordinating committee is intended to represent and balance the interests of the lending syndicate. Its formation is a normal part of the process in any financial restructuring and allows for hibu's operating business to be unaffected, a statement from the struggling Yellow Pages publisher said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
hibu, a company valued at £12.5m with more than £2bn of debt on the balance sheet, warned at the end of July that one of the options under consideration for reducing the debt mountain is a debt-for-equity swap that would see shareholders' stakes substantially diluted. With the share price down by almost nine-tenths over the last year and the stock's days as a £6-a-throw share a distant (2007) memory, it is doubtful whether many long-term holders care anymore.
Nevertheless, the news of the formation of the committee did perk up the shares, with the stock hitting 0.60p, up from 0.375p overnight, before ebbing back in the second hour of trading to 0.53p.
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners underestimate how much they need to retire comfortably
High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.
-
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
Family lawyers say the Supreme Court ruling will have significant impact on high net worth divorce cases