Reuters: Bankruptcy News: Seat PG files request with court for debt restructuring

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Seat PG files request with court for debt restructuring Feb 6th 2013, 13:22 MILAN | Wed Feb 6, 2013 8:22am EST MILAN Feb 6 (Reuters) - Debt-laden Italian yellow pages publisher Seat Pagine Gialle has filed a request in court to be admitted to a procedure aimed at seeking a debt restructuring deal with its creditors, the company said on Wednesday. "The first step to stabilise the company financially over the long term and guarantee it can continue to operate has been made," Seat PG said in a statement. The application for the so-called "concordato preventivo" - a process similar to Chapter 11 proceedings in the United States - was made with a court in Turin, where Seat is based since its foundation in 1925. The court can give the company either 60 or 120 days to draw up the plan, with a further extension of up to 60 days. There will be no payments to creditors during this period. Seat PG said on Tuesday it would ask creditors for a debt restructuring after conceding that its interest burden and the deepening recession have made its targets to 2015 unachievable. (Reporting By Danilo Masoni; editing by Francesca Landini)

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