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Yell extends refinancing deadline again

Source: Reuters - Tue 27th Oct 2009

Telephone directory publisher Yell has given lenders more time to agree plans to refinance its 3.8 billion pound debt as it struggles to get the conditions in place for a fundraising.

The debt-laden company said on Tuesday it has extended the deadline by a further day, as it needs to get 95 percent of its 200-plus lenders to amend its loan to allow a 500 million pounds equity issue to go ahead.

It extended the original loan deadline for a week when it failed to secure agreement by October 16.

The company is considering court action if it fails to gain the necessary consent, although this would delay the planned equity issue, two senior bankers close to the deal told Reuters on Monday.

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