Having admitted you have a problem, the next step is to seek help. Shares of Yell Group, the UK yellow pages publisher, have more than tripled since June, when the company sought talks with lenders about its $4bn debt pile. Wednesday’s proposal to raise at least £500m in fresh capital – as much again as its market capitalisation – in return for rejigged debt covenants and an extension of loan maturities are a start. But the accompanying 13.5 per cent slide in Yell’s stock price suggests that, even if everything goes as planned, the directories group will continue to struggle with high debt and the inexorable decline of its core print business.

The capital injection would shrink Yell’s net debt from 5.2 times earnings before interest, tax, depreciation and amortisation to 4.6 times – significant, but still shy of its own 2010 target of 4 times. Still, together with the promise of a further £300m capital raising within 18 months, the hope is it will be enough to convince the group’s syndicate – or rather battalion – of 300 lenders to make concessions. Wiggle room on debt, in turn, should give equity investors something to hold on to while they await recovery in the advertising market.