Yellow Media recapitalization approved by debtholders, shareholders

By Caroline Salls

Pittsburgh, Sept. 6 - Yellow Media Inc.'s proposed recapitalization has been approved by the required majority of its debtholders and shareholders at their meetings held Thursday, according to a company news release.

"The approval by the debtholders and shareholders represents a significant milestone toward the completion of the recapitalization," Yellow Media president and chief executive officer Marc P. Tellier said in the release.

The company said it proposed the recapitalization to align its capital structure with its operating strategy.

The recapitalization will substantially improve Yellow Media's financial flexibility and allow it to pursue its ongoing transformation in order to enhance long-term value for stakeholders, the release said.

Yellow Media said the recapitalization is expected to be implemented by the end of September, subject to a number of conditions, including final approval by the Quebec Superior Court.

The media and marketing company is based in Montreal.

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