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.