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Restructuring Update

12 Nov 2012 07:00

RNS Number : 8328Q
hibu plc
12 November 2012
 



 

 

For Immediate Release 12 November 2012

 

hibu plc("hibu" or the "Group")

Restructuring update

On 25 October 2012, hibu plc announced that, as is customary in capital restructurings, it had decided to suspend all further payments of principal and interest to the Group's lenders until such time as a restructuring of its balance sheet can be concluded.

 

Also as previously announced, a number of waivers, consents and amendments are currently being sought from the lenders under both the 2006 and 2009 facilities agreements, so that the restructuring discussions can proceed as efficiently and effectively as possible. These requests require the approval of lenders holding two thirds of the debt by value under the 2009 facilities agreement and the approval of all lenders under the 2006 facilities agreement.

 

The original deadline for the 2006 lenders to vote on the requested waiver and amendments was 9 November 2012. The Group has decided to extend the period of voting for the 2006 lenders until 23 November 2012 to enable time for all 2006 lenders to vote. In the meantime, the Group is formulating a Scheme of Arrangement under part 26 of the Companies Act 2006 which is likely to be launched in November.

At the present time there is no intention to extend the voting deadline for lenders under the 2009 facilities agreement which therefore remains as 21 November 2012.

As previously announced, the decision not to make payment to the Group's lenders under the aforementioned facilities agreements has no impact on payments to our employees, partners, suppliers, trade or other creditors or any other counterparty. The Group retains healthy cash balances and therefore the decision is 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.

As previously stated, a number of capital structure options are being considered. The Group can confirm that the options being considered are likely to result in little or no value being attributed to the Group's ordinary shares.

 

Ends

 

About hibu

 

hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.

 

hibu helps consumers find local businesses and shop in new, innovative ways. Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services. hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams. Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.

 

hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets. In the year ended 31 March 2012, hibu had 1.2 million SME customers and total revenues of £1.6 billion.

 

For further information about hibu, visit hibu.com.

 

Enquiries

hibu - Investors

Andrew Clatworthy

Tel: +44 (0) 118 358 2838

RLM Finsbury

Andrew Dowler or Charles Chichester

Tel: + 44 (0) 207 251 3801

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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