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28 November 2013, 12:35 | Updated: 28 November 2013, 12:44
The Reading-based company Hibu, best known for owning Yellow Pages, calls in administrators
The Yellow Pages owner is reportedly dealing with 1 and half bullion pounds worth of debt and say an agreement on financial restructuring will help safeguard 12,000 jobs.
This will involve all of the Group’s operations being transferred from the current holding company, hibu plc, to a new holding company structure to be controlled by the Group’s lenders.
As a first step to facilitating this transfer and the financial restructuring as a whole, the Board of hibu plc has today appointed certain partners of Deloitte LLP to act as administrators to hibu plc only. No other Group companies have been placed into administration.
We're being told it won't affect the day to day operations of hibu’s employees, customers, partners or supplier. All contracts, trading terms and financial obligations of the operating companies of the Group and trading partners will continue to have the same effect.
Bob Wigley commented:
“With today’s announcement, we move one step closer to securing a capital structure for hibu which would enable the business to survive and prosper and to safeguard the prospects for our 12,000 employees. Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process. Our enhanced digital product offering is growing fast and increasingly finding new customers following our recent marketing campaign.”