Seat Pagine Gialle SpA, Italy’s largest phone-book publisher, said its debt restructuring plan won the backing of more than 97 percent of senior bondholders, the last class of creditors required to approve the proposal.
Senior bondholders now have to “formally” give their consent to the plan at a meeting convened for March 29 or 30, the Turin, Italy-based company said in a statement today. The plan has already been endorsed by more than the required threshold of junior noteholders and senior lenders, it said.
Once creditors give consent, “it will be possible to proceed with the implementation of the restructuring transaction,” Seat Pagine said in the statement. The company got “full support” for the debt proposal from controlling investors CVC, Permira Advisers Ltd. and Investitori Associati SpA last week.
Seat Pagine has been 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 today at 5 p.m. London time to accept the restructuring plan.