Summary:

In December last year, we pinpointed debt as one of the main threats to publishers in 2009 – and so it has proved to be. Hard-pressed ITV (L…

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In December last year, we pinpointed debt as one of the main threats to publishers in 2009 – and so it has proved to be. Hard-pressed ITV (LSE: ITV), Yell and Independent News & Media are amongst the hard-pressed media orgs to try rearranging their banking facilities, as the advertising downturn bites hard…

Yell Group: The Yellow Pages maker may have to renegotiate its refinance to avoid breaching its banking covenants according to its auditor PricewaterhouseCooper. PwC says in the company’s 2008 annual report that the company could be faced with a demand for full the repayment of its £4.3 billion debt if its debt-to-profit ratio falls below agreed levels and the auditors warn that “this right, together with other remedies available to lenders, creates doubt about the future capital funding of the Group.” Seperately, CEO John Condron is voluntarily waiving his bonus — he got £935,000 in 2007 — while CFO John Davis, who got a £550,000 bonus in 2007, also says no to one. Annual report (pdf).

Independent News & Media: Yet more breathing space at INM which is still figuring out how to re-pay a

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