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Tuesday, 30 October 2012

Yellow Pages Winding up Petition?

Will Hibu, the oddly renamed  former "Yell", formerly "Yellow Pages" (confused!)  survive?

It is according to the FT, facing threats of a winding up petition from creditors who were to be paid £65m this week. This 6 year old debt is probably unsecured and therefore the debt holders have few options, but to threaten the blunt winding up petition approach

Should Hibu be wound up? Well we don't know the intricacies of the £2bn - yes two billion - of debts it is carrying, but one thing is probable. If the company is served with a winding up petition, then the secured debt and bond holders may appoint an administrator.

As so called zombie companies go, this would be a massive failure and one that would hurt a great many banks.

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