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Yellow Media Obtains Final Court Approval For Recapitalization - Quick Facts

Yellow Media Inc. (YLO.TO) announced Friday that the Québec Superior Court has issued its final order and approved the Company's proposed recapitalization. The Court declared that the Recapitalization is fair and reasonable to the holders of securities subject to the plan of arrangement under the Canada Business Corporations Act.

The Court's decision is the final step in advance of completing the Recapitalization. The Recapitalization is expected to be implemented and become effective on December 20, 2012 or the "Effective Date", subject to customary conditions, including the approval of the Toronto Stock Exchange.

As announced on December 10, 2012, the Recapitalization, as it affects the Company's senior unsecured credit facility, will be implemented through a Termination and Settlement Agreement rather than through the Company's plan of arrangement.

Yellow Media said that its Recapitalization will reduce its debt, including preferred shares, series 1 and series 2, by approximately $1.5 billion and provide it with the financial flexibility necessary to advance its business transformation to a digital media and marketing solutions company and enhance long-term value for stakeholders.

On September 6, 2012, a vast majority of debtholders and shareholders voted in favour of the Recapitalization at their respective meetings.

by RTT Staff Writer

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