The Group’s senior lenders, led by the BNZ, have taken ownership of the company through a restructuring which will see the trading businesses sold into a new corporate framework with new debt facilities. Creditors have seen a total of $1.05 billion of debt written off, allowing the new entity to operate on a more sound commercial basis. The company now has a capital value of $750m.
The company has also appointed a new board of directors, led by Andrew Day, a former chief executive of Telstra’s Yellow and White Pages division, Sensis, and also a former CEO of the pan-Europeon directory company, Truvo. He said, ““We are focused on growth and increased profitability, and will be moving quickly to build on the strong operational fundamentals that the Yellow Pages Group has maintained throughout the global recession.”
The other new directors include former MediaWorks chief executive Brent Impey, Skellerup and Ebos director Liz Coutts, Scott Pomeroy from Colorado and Paul Wilson of Sydney.
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