17 Aug 2012 15:01
For Immediate Release 17 August 2012
hibu plc
Update on restructuring process
On 30 July 2012, hibu plc ("the Group") announced that as part of the process of addressing its capital structure it is seeking to form a co-ordinating committee of lenders. Good progress has been made and the Group expects the committee to be in place shortly.
Over the coming months, as part of the process leading up to the restructure, the Group anticipates it will also need to discuss and agree a number of waivers with its lenders in order for that process to be completed in a timely manner.
As a first step in that process, in order to avoid a potential technical breach under its facilities agreement dated 30 November 2009 (as amended), the Group today announces that it has approached its lenders under that facilities agreement with a request to waive any possible event of default that may arise from certain repeating representations concerning the possibility of a future breach of the leverage covenant. The lenders are not being asked to waive a breach of the leverage covenant itself.
Obtaining lenders' consent for this request will provide the necessary stability for the discussions with the co-ordinating committee to proceed.
Ends
About hibu
hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.
hibu helps consumers find local businesses and shop in new, innovative ways. Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services. hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams. Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.
hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets. In the year ended 31 March 2012, hibu had 1.2 million SME customers and total revenues of £1.6 billion.
For further information about hibu, visit hibu.com.
Enquiries
hibu - Investors Andrew Clatworthy Tel: +44 (0) 118 358 2838 | RLM Finsbury Andrew Dowler or Charles Chichester Tel: + 44 (0) 207 251 3801 |