Debt ridden British Yellow Pages firm Yell has announced that it has extended its deadline, yet again, by a day to given lenders more time to approve the refinancing deal on its impending ?3.8 Billion debt. Lenders have been given until 5 PM Wednesday to approve the plans put forward by Yell.

The original deadline, set for October 16, had been extended by over a week when no final calls could be taken then. Even the last deadline, set for Monday, saw only 80% of the lenders' approval, which was not enough as the company need a 95% approval rate for the plan to go through. In the light of all these developments, the new deadline has now been set.

Yell, owing to the current economic crisis, is under a lot of debt and is looking to raise at least ?500 Million via an investor cash-call to pay off the large sum of debt. In addition, it is also looking to raise another ?300 Million within the coming 18 months with the help of bonds or equity. But the company's plan is subject to approval by at least 95% of the large number of creditors and lenders involved.

According to the current plan, Yell's deadline to repay the loans is 2012 and the company is looking to get it moved to 2014, and for the same the firm has been in talks with lenders since June.