Creditors poised to seize control of phonebook firm
Phonebook publisher Yellow Pages could fall into the hands of hedge funds, banks and bondholders under a sweeping debt overhaul.
Creditors are poised to seize control of Hibu, the owner of Yellow Pages, in a deal which would wipe out shareholders and more than halve its £2bn debt pile.
The debt-for-equity plan would see more than 300 creditors become new owners of the group, which changed its name from Yell last year.
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Hide AdIt has been hampered by slumping revenues amid intense competition from the internet, while it staggers under a heavy debt pile.
It has debts of more than £2bn and the deal is expected to see lenders write off as much as £1.5bn in return for ownership of the business.