Yell, the publisher of Yellow Pages, was last night closing in on securing enough approvals from its 300 lenders to allow it to push ahead with a planned restructuring of its £3.8bn debt.

On Friday, it needed just one remaining lender to approve the plan. The company is poised to use a scheme of arrangement to force through its debt restructuring plans if the final lender, understood to be a Spanish bank, does not approve the plan.