Research Update: Classified Directories Publisher hibu Downgraded To 'CC' On Announcement Of Payment Suspension; Outlook Negative Oct 12
- Language: English
- Published: October 2012
Portfolio of geographically diversified and market-leading classified directories businesses. Cash-generative nature and low capital intensity of the classified directories business. Deteriorating operating performance due to adverse economic conditions and structural changes to the business model. Highly leveraged capital structure. Highly competitive environment in hibu's online markets. The company is in the process of restructuring its balance sheet and is deferring the upcoming payments on its funding agreements. The ratings on U.K.-based classified directories publisher hibu PLC (hibu) reflect the company's decision to suspend its upcoming payments on outstanding 2009 facility. This is in the context of ongoing negotiations for the approval of a consensual financial restructuring agreement by stakeholders involved, as the company is in the process of restructuring its...
Companies mentioned in this report are:
- hibu PLC
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