Yell refinancing agreed

graeme at 8:58 a.m. Mon 02 Nov 2009

Yells’ refinancing is now going the right way, with the vital 95% of creditors (by value of debt!) agreeing to the plans.

The company now needs to issue £500m of shares for the plans to succeed. Not doubt shareholders are waiting with bate breath to see how much their holdings will be diluted (if they do not take their share of the new issue).

Things look much better than they did a few days ago, and the shares are up 7% so far today.

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