Hibu pushes back date for debt deal

Hibu, the company formerly known as Yell Group, dropped after it pushed back a deadline to get agreement from lender on restructuring of debt.

Hibu, the company formerly known as Yell Group, dropped after it pushed back a deadline to get agreement from lender on restructuring of debt.

In October the firm suspended all further payments of principal and interest to the group's lenders until a restructuring of its balance sheet could be concluded.

Lenders are seeking a number of waivers, consents and amendments under both 2006 and 2009 facilities agreements.

The original deadline for the 2006 lenders to vote on the requested waiver and amendments was 9th November but Hibu said it was extending this until 23th November to enable time for all those lenders to vote.

At the present time the company said it had no intention of extending the voting deadline for lenders under the 2009 facilities agreement.

The group said it had healthy cash balances and the decision was not driven by liquidity considerations, but "rather a desire to ensure fair and equitable treatment of all financial lenders consistent with the anticipated balance sheet restructuring".

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