The Board of European Directories is pleased to announce that the successful completion of the financial restructuring of the Group took place in December 2010. The result is a significant reduction of our leverage, increased liquidity and a financial structure that will support the Group’s transformation of its core business into the online world. The restructuring was completed with 100% approval of the first lien senior lenders, who have also become the Group’s new owners.
The Group’s management team has defined a clear vision for European Directories to maintain and strengthen its position in local search and lead generation in each of its eight countries of operation. In combination with the long term support of our lenders this provides us with a robust basis from which to build the business in the future. The financial restructuring took place at the Holding Company level and has not impacted on the operating subsidiaries of European Directories.
It has been a challenging 12 months for the Group and the support of our employees, customers and suppliers throughout the process has been greatly appreciated. We look forward to continuing the transformation of our business.
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