27 Jan 2011

Yellow Pages now controlled by banks

6:52 am on 27 January 2011

A group of banks has taken control of Yellow Pages Group through a restructuring.

The directory businesses have been sold into a new corporate framework with new debt facilities.

More than $1 billion of debt has been written off and the company now has a capital value of $750 million.

The restructured company will be led by a new board of directors, which includes New Zealand directors Brent Impey and Liz Coutts.