HIBU and JJB

HIBU Smeweb reports (http://is.gd/hfpx2k) that around 400 creditors of Hibu (formerly Yell) are preparing to seize control of the publisher amid concerns that debt isn’t being cleared fast enough. Although debt matures in 2014, a D4E (debt for equity) swap is expected to wipe out between £500m and £1.5b of that figure. Given that HIBU has a market cap of £12m, that is incredibly bad for current holders. HIBU closed to 0.500p -58.33%.

JJB – it didn’t go into prepack today, despite bearish speculation. This makes sense, as it would have been premature. Bears have been speculating that any takeover is likely to be completed through a pre-pack administration so that the new owner can shed under-performing sites. JJB closed 0.340p – 16.05%

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About mcturra2000

Computer programmer living in Scotland.
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