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Lenders oppose Yellow's plan

Yellow Media Inc. has been advised that its lenders do not support the Montreal directories publisher's plan to cut its $1.8-billion debt and want it withdrawn.

Yellow Media Inc. has been advised that its lenders do not support the Montreal directories publisher's plan to cut its $1.8-billion debt and want it withdrawn. Law firm McMillan, counsel for the company's lenders, said the lenders, who weren't specified, are owed a principal amount of $369 million by Yellow Media as of Sept. 28, 2011. Yellow Media has announced a plan to cut its debt to $850 million from about $1.8 billion as the struggling company continues its transition to an online company. It has said it will use credit facilities, debentures and cash in the recapitalization transaction.

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