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It's taken several months and a pile of documentation bigger than 1,000 phone books but it looks like Yellow Pages directories group Yell is finally going to get its rescue refinancing away.
Getting more than 300 lenders to approve a restructuring of its £3.9 billion debt pile and a £500 million share fundraising away has been a tough sell.
Yell gave it until 5pm last night to approve the deal or face an even more bleak outlook.
This morning it announced that all but two key lenders have come into line and accepted the terms in one of the City's bigger cat-herding operations of recent times.
Once they both accept, it will be up to the 95% approval level needed.
It didn't name the two lenders but seems confident they will soon give the nod.
Around 3% by value have been unable to accept the proposals, mainly because of restrictions imposed on them by their funds.
The shares shot up today — adding 6¼p to 55½p — as investors breathed a sigh of relief. Analysts say that the long-term drift to the internet and the ongoing advertising recession mean that the company is far from out of woods.
Today's announcement is the latest in a saga of missed and extended deadlines.
The company said in a statement: “Yell has made significant progress over the last 24 hours.”
Many of Yell's debts result from acquisitions, including the £2.3 billion purchase of its Spanish directories business in 2006.
