HIBU.L Share News (HIBU)

LONDON (Alliance News) - Directories and internet services company, Hibu PLC Tuesday said its profit before interest, tax, depreciation, amortisation and exceptional items declined on a like-for-like basis in the six months to September 30.

Debt-laden Hibu said its EBITDA was down GBP45 million to GBP107 million for the six months to September 30, in comparison with the corresponding period in 2012.

Revenue was down by 12% to GBP584 million, as a result of weak performances from Hibu's digital directories, as well as its print and other directory revenues.

The Berkshire-based company, formerly known as Yell Group PLC, has been working on a restructuring plan with its lenders in recent months.

Hibu, which operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets, said the talks were constructive and ongoing.

The financial update came just under a week since Hibu said it will hold a general meeting to discuss its proposed financial restructuring plans, after requests from some shareholders.

Hibu said the meeting will consider the structure of the board, and the group's business, following the suspension of its shares trading, pending clarification of its financing position.

Under the terms of the proposed financial restructuring, the company's lenders will exchange their GBP2.3 billion debt in return for ownership of all of a new group holding company plus about GBP580 million of five-year senior secured debt and about GBP920 million of ten-year loan capital.

Earlier this month, Hibu said Chairman Bob Wigley and Chief Executive Mike Pocock will both step down once the financial restructuring of the company is completed, which is currently expected to be some time in early 2014.

The majority of Hibu's debt matures in April 2014 and the company is currently in default under the 2009 facilities agreement.

Hibu shares, and their listing, have been suspended from trading since July 25.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2013 Alliance News Limited. All Rights Reserved.