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.
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
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".
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
