May 7, 2012 / 10:38 PM / 6 years ago

UPDATE 1-Yellow Media posts C$2.9 bln loss on charge

May 7 (Reuters) - Telephone directory publisher Yellow Media Inc posted a C$2.9 billion net loss in the first quarter on an impairment charge and the debt-ridden company began a scramble to refinance debt set to mature from this year.

January-March net loss was C$5.61 per basic share, hit by a C$2.9 billion ($2.91 billion) goodwill impairment charge. Adjusted earnings from continuing operations halved to 13 Canadian cents per share from the year-earlier quarter.

Revenue fell 17.3 percent to C$289.1 million, primarily hit by lower print revenue.

The company, which had about C$1.5 billion in net debt at the end of March, said its board has assembled a committee to complete any refinancing deal this fiscal year.

Yellow Media also said it has adjourned its annual meeting, which was to be held on Wednesday, for want of quorum.

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