The meeting of the closed in Milan Board of Directors of Seat Yellow Pages, meeting which promised to be decisive for the financial reorganization of the Turin group, but which ended, instead, with essentially nothing. Some progress has been made, but the numbers to reach a definitive restructuring agreement were lacking the definitive decision was postponed to the end of the month, to January 30thor, last date (the creditors' commitment not to trigger the default expires on January 31) to reach an agreement.
The telenovela of the Turin group, burdened by a debt of 2,7 billion euros (divided as follows: 600 million to banks bearing senior loans, approximately 750 million to Senior secured bondholders and 1,3 billion to Lighthouse bondholders) it has been dragging on since last November, that is, since the company's board of directors refused to pay the 52 million interest on the Lighthouse bond (and at the same time chose not to take the books to court, confident of an agreement in the making) and got rich in these last phases of new protagonists on the scene, given that even the holders of the 700 million Senior secured bond have asked and obtained today to sit at the negotiating table.
The agreement for the consensual understanding on the restructuring of the company it will require the approval of 100% of senior creditors, 75% of Lighthouse bondholders, 75% of SSBs and 51% of shareholders. If it is not possible to reach a shared resolution, the only viable path for society would remain the one that leads to the Marzan lawo.
