Seat Pagine Gialle banks let secured investors into talks

The senior lenders to Seat Pagine Gialle, the Italian directories group that has defaulted on one of its bonds, have decided to involve the company’s senior secured bondholders in the restructuring negotiations for the first time.

  • 19 Dec 2011

Senior secured bondholders were angry at having been excluded from negotiations so far, feeling that they ought to have a say, especially as they believe the restructuring will dilute their security package.

The controversy is particularly topical, as high yield investors have been lobbying banks and private equity funds ...

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