Seat Pagine Gialle Board Said to Give Creditors 3-Week-Deadline
The board of Seat Pagine Gialle SpA (PG), Italy’s largest phone-book publisher, will meet Jan. 30 to complete a proposal for the company’s debt reorganization, according to a person with direct knowledge of the matter.
The board will give creditors as much as three weeks to accept the restructuring plan, said the person, who asked not to be identified because the discussions are private.
Seat Pagine said Jan. 17 that it will present a final proposal for the company’s debt reorganization to all parties by the end of January. In the absence of an accord, the date for accepting the proposal won’t be extended further, the company said at the time, adding that if an accord isn’t reached, it may file for special administration.
The proposal for the Turin-based company will include the consensus thresholds required for the various categories of creditors, which include senior lenders, bondholders and junior noteholders.
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