Yell misses 2nd deadline w/lenders to extend debt covenants

Yell has missed another self imposed deadline in its efforts to get its 300-plus lenders to extend its debt maturities which would allow it to raise £500m through new shares.  The backing of 95% of its lenders is required.  It marks the second time the company has missed its deadline on the plans.

Just as other major Yellow Page publishers (Idearc, RHD) are having issues with their debt loads, Yell is hoping to the cash from a stock sale to cut its debt load from £3.8bn to £3.3bn.

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