Creditors of NZ Directories Holdings, the owner of the Yellow directories service, have voted overwhelmingly in favour of a new capital structure, that will see them holding securities in a new company in return for relinquishing claims to $385 million of debt.
The new company Yellow Holdings Limited will incorporate New Zealand Directories IP Limited, Yellow Pages Group Limited and its subsidiary, Finda Limited, they said in a statement.
Read more: Yellow directories gains waiver from banks
"The board, management and shareholders are very pleased to make these changes as they effectively unshackle the business to be more nimble, responsive and future focused," said chairman Brett Chenoweth.
"We now have a simpler corporate structure with 12 shareholders and a conservative level of commercial debt."