Seat Pagine Gialle soars on the stock market afterwards the ok to the restructuring plan from shareholders and bondholders. The stock jumps 20% after being suspended due to an excess of upside. The company announced that the plan has obtained the full support of the senior secured bondholders' committee, the Lighthouse bondholders' committee and, as already communicated yesterday, the reference shareholders, the funds CVC, Permira and Alfieri Associates Investors.
In detail, ad hoc committee of holders of more than 30% of the company's 10,5% Senior Secured Notes has signaled approval of Amended and Restated Consent Solicitation and that it will vote in favor of the Revised Consent Solicitation. An ad hoc committee of holders of more than 50% of the principal amount of the bonds issued by Lighthouse International Company for a total value of 1,3 billion euros with a rate of 8% and maturity 2014 and approximately 25% of the Senior Secured Notes issued by the company has indicated that the proposal described in the Term Sheet has received its full support and that it will enter into a lock-up agreement with, among others, the company and will vote in favor of the Revised Consent Solicitation.
Seat then resolved to modify some terms of the consent solicitation with regard to the senior secured bonds in response to some technical and legal issues raised by its stakeholders and extended the deadline for receiving the early bird fee with regard to this consent solicitation to 7 March.
Mediobanca analysts still invite you to wait for the final details to be defined technicians before “assuming that the risk of failure is completely averted.
