- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
Shares in indebted Yellow Pages publisher Yell slid over 20 percent after it announced a fresh delay in debt restructuring talks, although the losses were pared as analysts remained hopeful a deal would be struck.
The company, battling an advertising slump as it negotiates a structural shift from print to online publishing, has seen its shares more than double in the last two months on hopes it would refinance its 3.8 billion pound debt.
Yell said on Tuesday it had given lenders until 5 p.m. British time on Wednesday to agree changes to its debt, required before it can push ahead with a planned 500 million pounds equity issue.
It is the second time the company has put the deadline back but Paul Richards, analyst at Numis, said the short timeframe attached to the latest delay suggested Yell was confident it would solve the problem.
"Having delayed for a week, to then come out and say 'we are delaying for two days' is very specific so I think the group must have very high confidence that they will get there on Wednesday" he said.
Shares in Yell were down 1.4 percent at 51.25 pence by 11:44 a.m. British time having recovered from a 2-month low of 41 pence hit earlier in the session.
If approved, the deal would extend the maturity on Yell's debt and amend covenants to allow the equity issue to go ahead, in return for a partial repayment of loans and increased interest margins.
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.