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.

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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".

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.