Hibu PLC (04180320): administration
- Status
- Administration ended
- Administration began
- 2013-11-27
- Administrators
- Philip Stephen Bowers, Ian Colin Wormleighton, Neville Barry Khan
- Administrators' firm
- Deloitte
- Formerly
- Yell Group PLC; Tasktip Limited
- Incorporated
- 2001-03-15
- Location
- London
- Industry
- 73110 Advertising agencies
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group entered into tts current debt facilities in April 2006 and has amended and restated them a number of times since that date, most notably in November 2009 when the Group refinanced these facilities, amending the terms and extending the maturity profile of the debt to Apri 2014 The Group therefore needs to refinance or restructure these facilities by that date as without a restructuring it will not be able to meet its obligations when they fall due
Recognising that the refinancing of the existing facilities was likely to be challenging, in July 2012 the Group announced tts intention to establish the CoCom to represent Lender interests whilst determining a new capital structure for the Group and safeguarding shareholder Interests to the extent possible
Those restructuring negotiations have continued since that date and, as noted in Section 2 5, are expected to conclude shortly As part of the negotiations, the Company has, at various times, sought to obtain value for shareholders However, it was recognised that shareholder value was going to be difficult to achieve given the significant debt burden, and from October 2012 the Company announced that the options under consideration were likely to result in little or no value being attributed to the shares
Administrators' statement of proposals (2014-01-20) · Companies House register