Seat Pagine to Present Final Debt Proposal by End of January

Seat Pagine Gialle SpA (PG), Italy’s largest phone-book publisher, said it will present a final proposal for the company’s debt reorganization to all parties by the end of January.

Seat Pagine’s board will meet by the end of this month to approve the terms and conditions of the proposal to be submitted to all lenders, Turin-based Seat Pagine said in a stock-exchange statement today. It will take into account Seat Pagine’s revised strategic guidelines and a technical review of the consensus thresholds required for the various categories of creditors.

The company, who’s including senior bondholders in the negotiations, said it hasn’t reached sufficient acceptance for the current debt proposal.

The board will give a deadline for acceptance of the proposal, it said. In the absence of an accord, the date won’t be extended further, it said. If an accord isn’t reached, the company may file for special administration, it said.

“Negotiations will be monitored closely in order to be in a position to promptly take any measures required to commence the procedures set forth by the law if the proposal is not accepted,” Seat Pagine said in the statement. Preliminary contacts with the Ministry for Economic Development were initiated, it said.

To contact the reporters on this story: Chiara Remondini in Milan at cremondini@bloomberg.net; Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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