London: Yellow Pages publisher Hibu Plc, which is grappling with a heavy debt load, said it remains in talks with lenders and expects to reach a deal on restructuring its debt “in the near future.”
Hibu said in October that it would suspend debt repayments and that it planned to present a restructuring proposal to lenders by January to clean up its balance sheet by the first half of 2013.
Hibu had just over £2 billion ($3.13 billion) of debt as of 31 December built up in a series of acquisitions including a €3.3 billion ($4.42 billion) deal to buy a Spanish directories business in 2006.
Like other directories publishers, Hibu has been struggling to cope with a slide in its print businesses as more people turn to the Internet for local listings.
The company said revenue fell 14% to £314 million in the quarter ended 31 December. Revenue at its print and other directory businesses fell 22%.
However, revenue at its digital services business rose 31%. Digital revenue now makes up 36% of overall revenue, up from 30% last year.
Shares in the company, which once traded at more than 600 pence, were up 3% at 0.34 pence at 0804 GMT on the London Stock Exchange on Tuesday.