It has been revealed that Yell, the company behind the Yellow Pages, said that it had secured a fresh extension on a deadline for refinancing of its £3.8bn debt pile.

The directories group now has until 5pm today to win backing for its refinancing plans from 95% of its lending association.

The firm had already extended the deadline by a week, but while the company has received backing from a high percentage of its 300 creditors, it needs to achieve a 95% approval rate by value to pass the scheme.

Yell wants the lenders to give it more time to pay down its debt, in exchange for a commitment to pay off £800m within 18 months, funded partly via a rights issue.

Paul Richards, an analyst, commented: “Having delayed for a week, to then come out and say, 'We are delaying for two days' is very specific. I think the group must have very high confidence that it will get there on Wednesday.”