English problems for Seat Pagine Gialle, which this morning in Piazza Affari dropped by more than 4 and a half percent at the opening. In full negotiation for the restructuring of the debt, the Turin group must collect a flat refusal from Barclays Bank, which he has in his pocket 6% of Seat's bank debt. A hitch that shouldn't raise the stakes, because the number of consents to the plan is about to reach the safety threshold, but which will probably require a surplus of negotiations.
Barclays would have sent a letter to the managing director of the Italian company, Alberto Cappellini, to say that he was in any case available to discuss alternative solutions.
According to some financial sources, the position of the English Bank would be also shared by Geveran Investments, which owns 5% of the Seat bank debt. The request should be to review the restructuring leaving out theextension of the maturities for tranche B of the senior loan, precisely the one where Barclays and Geveran are present.
An impossible road to travel given the tight deadlines for the rescue (deadline tomorrow) and the obligation to submit even minimal changes to the agreement to all creditors. Seat is therefore at a crossroads: go straight to the ratification of the bailout before a London Court risking a possible legal dispute or sit down at the table to resolve the difference in extremis.
