Reuters: Bankruptcy News: Seat Pagine Gialle admitted to "composition with creditors" procedure

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Seat Pagine Gialle admitted to "composition with creditors" procedure Jul 10th 2013, 18:10 MILAN, July 10 | Wed Jul 10, 2013 2:10pm EDT MILAN, July 10 (Reuters) - Cash-strapped Seat Pagine Gialle (SPG) said on Wednesday an Italian court had admitted the Italian yellow pages publisher to a "composition with creditors" procedure, which is similar to Chapter 11 bankruptcy. A meeting of creditors to give their final green light to the company's debt restructuring proposals is scheduled for Jan. 30, 2014, the company said in a statement. The board of SPG approved at the end of June a debt restructuring proposal intended to reduce its consolidated debt by about 1 billion euros ($1.3 billion). This would be the second restructuring after a similar move in 2012, when the company tried without success to reduce the debt burden accumulated since 2003, when it was acquired by private equity firms in a 5.7 billion euro leveraged buyout. At the end of December, Seat had a gross debt of about 1.5 billion euros. Its net loss in 2012 was 1.06 billion euros, due to impairment charges, while free operating cash flow was 318 million euros. ($1 = 0.7778 euros) (Reporting by Francesca Landini; Editing by David Holmes)

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