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Local Insight lenders, bondholders hire advisers; committee planned
By Caroline Salls
Pittsburgh, Oct. 18 - Local Insight Media Holdings, Inc.'s bank lenders and bondholders have hired financial advisers, and the company said it is prepared to work with a steering committee when formed, according to a presentation filed with the Securities and Exchange Commission.
The bank lenders have hired FTI Consulting and Simpson Thacher, and its bondholders have hired Houlihan Lokey and Millbank Tweed.
As previously reported, Local Insight has hired Lazard Freres & Co. LLC as its financial adviser to help evaluate the company's capital structure, including balance sheet restructuring options.
According to the presentation, Local Insight is likely to breach covenants under the credit facilities of its Local Insight Regatta Holdings, Inc. subsidiary as of Sept. 30 and Dec. 31.
In addition, the company said its 2010 revenue and EBITDA are expected to be significantly below previous expectations.
Local Insight Regatta is an Englewood, Colo., publisher of print and online directories.
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