Seat Pagine Gialle misses coupon payment again — this time on senior secured
Seat Pagine Gialle, the Italian directories company, has decided to postpone an interest payment on its senior secured bonds. Some €65m of the 10.5% January 2017 notes were only issued last year as part of Seat’s debt restructuring.
That restructuring was triggered by Seats failure to pay the coupon on its 1.3bn 8% unsecured 2014 Lighthouse bonds on October 31, 2011. Creditors came to an agreement in March 2012.
The restructuring cancelled the Lighthouse bond and compensated its holders with 90% of the equity of
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