REG-Yell Group plc Update on Comprehensive Refinancing Proposals

Released: 29/10/2009

com:20091029:Rnsc5574B
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RNS Number : 5574B  
  
Yell Group plc  
  
29 October 2009  
  
 29 October 2009  
  
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED 
STATES  
  
YELL GROUP PLC  
  
UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS  
  
On 27 October, Yell Group plc announced that it had extended the deadline for 
its lenders to respond to its refinancing proposals to 5.00pm on Wednesday 28 
October. Yell today announces a further extension to the deadline for responses 
from its lenders to its comprehensive restructuring proposals, to 5.00 pm London 
time today, Thursday 29 October.  
  
Approximately 1,000 lenders' commitments, representing c.90% by value of debt 
commitments, are supporting the proposals, against a 95% acceptance threshold. 
Around 3% by value of debt holders have been unable to accept the proposals, 
mainly due to restrictions imposed on them by their fund constitutions. Yell and 
its Debt Co-Ordinators will therefore remain in active dialogue for a further 24 
hours with the very few lenders whose approval is still required.    
  
This is now the third extension. If the threshold cannot be reached by its 
expiry this evening, Yell may pursue a Court-approved Scheme of Arrangement. 
Under that route, all lenders would be asked to vote again, and the voting 
threshold would be 50% by number and 75% by value of those who vote.   
  
John Davis, Chief Financial Officer of Yell, said: "We have communicated clearly 
with our lenders and the vast majority, by number and by value, have approved 
our proposals. We are prepared to provide one further short extension; but we 
are now very near the point where the Board may have to draw a line under the 
current process and move to a Scheme of Arrangement. The commercial terms that 
we have proposed have been accepted by the overwhelming majority of our lenders, 
and it would seem right that their will should be allowed to prevail."   
  
Enquiries:   
  
Yell - Investors   Yell - Media  
  
Rob Hall   Jon Salmon  
  
Tel: +44 (0)118 950 6838   Tel: +44 (0) 118 950 6656  
  
Mobile: +44 (0)7793 957 848   Mobile: +44 (0)7801 977 340  
  
Citigate Dewe Rogerson  
  
Anthony Carlisle  
  
Tel +22 (0) 20 7638 9571  
  
Mobile: +44 (0) 7973 611 888    
  
 
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The company news service from the London Stock Exchange  
  
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