—Yell Group: The Yellow Pages maker may have to renegotiate its refinance to avoid breaching its banking covenants according to its auditor PricewaterhouseCooper. PwC says in the company’s 2008 annual report that the company could be faced with a demand for full the repayment of its £4.3 billion debt if its debt-to-profit ratio falls below agreed levels and the auditors warn that “this right, together with other remedies available to lenders, creates doubt about the future capital funding of the Group.” Seperately, CEO John Condron is voluntarily waiving his bonus—he got £935,000 in 2007—while CFO John Davis, who got a £550,000 bonus in 2007, also says no to one. Annual report (pdf).

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—Independent News & Media: Yet more breathing space at INM which is still figuring out how to re-pay a €200 million bond. In a statement to the market, INM says it is proposing a discounted rights issue and for stakeholders (creditors) to make “necessary material concessions” to achieving the de-leveraging required. The bond had been due for repayment this Friday, but the company says it is likely another extension to July 24 will be agreed

—ITV Citigroup has pledged to back a £500 million fundraising packages from ITV if the broadcaster agrees to install Tony Ball as its new CEO. the former BSkyB (NYSE: BSY) CEO has been linked with the ITV job since Michael Grade announced his departure. In a release to the London stock exchange today the company set out details of a plan for holders of ITV debt notes due for repayment in 2014 to exchange their holdings for cash at a higher rate. Via Telegraph.co.uk and release.