Yellow writes off $1b, Impey joins board
Yellow Pages Group has concluded a capital restructuring and confirmed that Brent Impey will be on the board.
More than a billion dollars of debt has been written off in the restructuring of the Yellow Pages Group.
The group’s senior lenders have taken ownership of the company through a restructuring which will see the trading businesses sold into a new corporate framework with new debt facilities.
A total of $1.05 billion of debt has been written off.
The company now has a capital value of $750m, which it says gives it “strong long-term sustainability” on its recent annual profit of $143m.
Yellow has also confirmed media speculation Brent Impey will be on the board of directors.
Andrew Day has been appointed chairman, with the other directors being New Zealander Liz Coutts, Scott Pomeroy from Colorado and Paul Wilson of Sydney.
Mr Day is a former chief executive of Telstra’s Yellow and White Pages division, Sensis, and also a former chief executive of the pan-Europeon directory company, Truvo.
BNZ leads syndicate
The restructure comes four years after private equity funds bought Yellow Pages from Telecom for $2.2 billion, funded mainly by bank debt of $1.65 billion.
Private equity funds Unitas Capital and Ontario Teachers Pension Plan have lost all $610 million invested.
Bank of New Zealand is the only local bank remaining in the syndicate.
NBR staff
Wed, 26 Jan 2011
Wed, 26 Jan 2011
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Yellow writes off $1b, Impey joins board
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