The private equity owners of an Italian directories publisher have until the end of the month to secure a restructuring agreement with the holders of €1.2bn of its bonds to avoid the directories publisher entering an Italian administration process.

CVC Capital Partners, Permira and Investitori Associati stand to lose their controlling stake in Seat Pagine Gialle, through a restructuring which would see the holders of €1.2bn of its bonds take a majority stake in the business.