The composition with creditors of is ready Seat Yellow Pages. The document, together with the 2013-18 industrial plan, will end up on the table of the board of directors expected for next Thursday to obtain the formal go-ahead. The next step will be the presentation to the Court of Turin by 1 July.
The objective of the restructuring plan is to bring the group's debt from the current 1,33 billion to a figure close to 400 million, equal to about four times the expected Ebitda for 2013, expected to be around one hundred million. To do this, creditors will have to be repaid with all of the current cash available, less than 200 million at a consolidated level, and with the sale of assets. Conversion into capital will be requested for the remaining credit. Among the disposals, the most valuable will be that of Telegate, of which Seat holds 77% and which capitalizes around 150 million.
Meanwhile, the Seat stock advanced on the Stock Exchange, gaining 5,88% in the morning, at 0,0018 euros per share.
