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Bosses at hibu are reassuring staff they will not be affected by the company’s decision to stop making payments to a number of its lenders
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Hibu offers staff reassurances during financial restructuring

November 08, 2012

Bosses at hibu are reassuring staff they will not be affected by the company’s decision to stop making payments to a number of its lenders.

The business, formerly known as Yell, recently announced it was suspending loan payments to two key groups of lenders who gave the company money in 2006 and 2009, while it carried out a finance restructuring.

A group of 2006 creditors has since threatened to take legal action but hibu has said it does not believe any such action has merit or should delay its restructuring programme.

A statement from hibu said: “This decision not to make payments to the group’s lenders under the facilities agreements does not impact on payments to our employees, partners, suppliers, trade or other creditors or any other counterparty.”

The company, which produces the Yellow Pages and is undergoing a four-year restructuring programme, employs about 1,500 people at its HQ at One Reading Central, in Forbury Road.

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Most recent user comments 6 of 6

@DW - is that why they changed the name to Hibu? A sort of homing call?

Alienna
12/11/2012 at 14:31

Speaking as somebody who very recently lost their job at Yell, I fear for the future of my ex-colleagues

Ajax95, Reading
09/11/2012 at 09:25

Interesting to see that the chief executive Mike Pocock has surrendered more than 3.3m shares in the company and chief financial officer Tony Bates has also given up more than 2.2m shares. Both have instead accepted a “deferred cash and incentive plan”, having signed up for new bonus schemes ensures that they still get paid.

Information source : The Telegraph/Finance

Link was not permitted.

Dogface, Reading
08/11/2012 at 18:32

1p a share, says it all really!

love buddha, Berkshire
08/11/2012 at 18:11

It still amazes me that the management thought changing the name to Hibu was a good idea.

Would Leigh
08/11/2012 at 11:57

These "Hibi scrub" people are in the "know" they will shortly empty their building over the next few months as that too will form a part of the blast shield for the alien landing on Station Hill in 2014