(Adds CEO comments, details, background)
Oct 28 (Reuters) - Swedish search and directories group Eniro ENRO.ST on Friday reported a continued drop in revenues for the third quarter and said it will not be able to fulfill all of its loan agreements.
* Q3 total operating revenue amounted to SEK 488 mln (593), a decrease of 18 pct
* Revenue from desktop/mobile search amounted to SEK 320 mln (364), a decrease of 12 pct
* Q3 EBITDA decreased by 22 pct to SEK 104 mln (134)
* CEO Orjan Frid says company overhaul by new board since the spring is finalized
* Frid says company will add new services from partners to its existing offering of digital marketing to small and medium sized firms
* Eniro still gives no forecast for when Eniro could grow its revenue
* Says board has initiated negotiations with Eniro's creditors
* Says board will propose to 2017 annual general meeting to decide that no share dividend be paid, nor for common or preference shares
* Eniro earlier planned to pay 48 mln crowns in dividend for preference share for 2016, no dividend for ordinary shares
* Says Eniro's board of directors is of opinion that Eniro will not be able to fulfill all of key ratio covenants of its loan agreements at year-end 2016
* Says the board believes that Eniro will not be able to meet loan amortization payments that are required under terms of its current loans by Q2 2017
* Says is evaluating possible divestments of non-strategic businesses
* Company has not shown underlying growth since 2007
* Eniro used to make printed telephone directories and has seen its business model upended by the rise of the internet, smartphones and new competitors such as Google Source text for Eikon: ID:nWkrjA2322 Further company coverage: ENRO.ST