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Seat Pagine Seeks 75% Creditors Backing for Final Debt Proposal

Jan. 31 (Bloomberg) -- Seat Pagine Gialle SpA, Italy’s largest phone-book publisher, is seeking backing from at least 75 percent of its creditors on a final proposal for the company’s debt reorganization.

The board is giving creditors until Feb. 28 to accept the restructuring plan, the Turin-based company said in a stock-exchange statement today. The proposal, whose term sheet was released today, is extended to senior bondholders as well as senior lenders and junior note holders.

The company had net debt of about 2.7 billion euros ($3.5 billion) at the end of December.

The date for accepting the proposal won’t be extended further, it said. If an accord isn’t reached, it may file for special administration.

Seat Pagine said it won’t pay the coupon due Jan. 31 on its senior secured bonds until a reorganization is agreed.

To contact the reporter on this story: Chiara Remondini in Milan at cremondini@bloomberg.net

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

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