Fri, 29 Nov 2013 | ADMINISTRATION
Hibu, the parent company behind the Yellow Pages, has entered administration after struggling with debts.
Deloitte has been appointed to handle the administration but for the moment the Yellow Pages business and other subsidiaries will be traded as normal and no impact will be felt by Hibu's employees, partners, suppliers or customers, according to a statement.
All parties involved interact with the group subsidiaries rather than Hibu plc, making it easier to limit the impact the administration.
Chairman Bob Wigley issued a full statement: “Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process.
"Our enhanced digital product offering is growing fast and increasingly finding new customers following our recent marketing campaign."
Lenders took control of Hibu earlier this year due to its extensive debts. The restructuring deal cut £800 million off the firm's debts but still left it struggling with almost over £1.5 billion. The debt is thought to have been acquired as a result of several acquisitions made by Hibu over the past decade, although it has also been hit by plummeting sales as a result of the increasing popularity of the internet and ease of availability of information.
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Related information:
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