Hibu Places 6 US Subsidiaries In Chapter 15 Bankruptcy Protection

Hibu, the Reading-based Yellow Pages company, has placed six US subsidiaries into Chapter 15 bankruptcy protection as the firm attempts to restructure its overseas operations, following the firm’s UK restructuring which started last month, IT Pro Portal reported. Hibu filed with the US Bankruptcy Court in New York, listing over $1 billion (£600 million) in assets and liabilities. Just over half of Hibu’s revenue comes from the US, where it operates the “Yellowbook” (the US version of the Yellow Pages directory) across most states. The firm employs almost 5,000 personnel in America. Hibu called itself “an integrated and complex enterprise,” according to the Daily Bankruptcy Review. Hibu has operations in the US, UK, along with Spain and Latin America – and it’s currently fighting tooth and nail in the UK, attempting to finalise a deal with creditors that would reduce its debt by £800 million. Read more.