Seat creditors and bondholders tell management to ignore DMail offer
Bondholders and creditors of Seat Pagine Gialle, Italy's yellow pages company, have sent a letter to the board as well as to administrator Enrico Laghi and insolvency judge Giovanni Dominici asking them to ignore an offer from the listed Italian mail order company DMail.
Il Corriere della Sera reported the request citing a “secret letter” sent in the past couple of days by the creditors of troubled Seat Pagine Gialle, which is in receivership and has debts of EUR 1.5bn.
In the letter, creditors and bondholders said management should ignore Dmail's offer and stick with the initial proposal which saw current shareholders keeping 0.25% of the company.
Last month, Seat received an alternative offer from Dmail. The board has until 15 July to present only one offer to the bondholders and creditors. The latter, according to the report, doubt DMail's performance and have therefore recommended that management stick with the initial proposal.
Source Il Corriere della Sera