After yesterday's crash (-41%), today the Seat Pagine Gialle stock rebounds. By mid-morning, the shares had risen by around three points, to 0,0032 euros. A minimal recovery compared to the last slide, which led Consob to ban short selling on the stock for today.
On Monday evening, with markets closed, the company announced its decision to suspend payment of the six-monthly coupon due on January 31, 2013. This concerns 42,2 million euros relating to senior secured bonds.
Seat had specified that "it will make a decision on the payment of the coupon by the end of the grace period depending on the status and outcome of the investigations undertaken under the supervision of the new managing director".
These investigations, still in progress, aim to ascertain "the prospective compatibility of the company's overall debt with its capital structure".
