Hibu, publisher of the Yellow Pages, has called in administrators after bosses finally gave up the ghost in servicing its mammoth £2.3bn debt mountain.
The decision leaves shareholders with nothing and means senior management can no longer be quizzed by irate investors at an emergency meeting which had been scheduled to take place next week.
There is better news for staff, customers and suppliers however who will all be unaffected by the move as all the firms subsidiaries have been migrated to a new holding company owned by lenders who accepted a debt-for-equity deal back in July.
Hibu chairman Bob Wigley said: “Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process.
“Our enhanced digital product offering is growing fast and increasingly finding new customers following our recent marketing campaign.”
Hibu now plans to focus on creating and running websites for small companies and has begun a multi-million pound marketing push to that effect.