R.H. Donnelley Emerges from Chapter 11 as Dex One
Prepackaged plan reduced debt by $6.4 billion for publisher of yellow pages, which filed for bankruptcy in May 2009
February 1, 2010
R.H. Donnelley, a publisher of print and online yellow pages, has exited Chapter 11 bankruptcy protection with a new name, Dex One Corp., and a new board of directors after reducing its debt by $6.4 billion, the company announced today.
The company's prepackaged reorganization plan was confirmed Jan. 12 by Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware, effective Jan. 29. More than 96% of creditors by amount who cast ballots voted in favor of confirmation. The company filed for Chapter 11 protection on May 28.
"Today marks a new chapter in our company's history. We completed a very complex restructuring in less than a year, eliminating more than $6 billion in debt and approximately $500 million in annual interest expense. We strengthened our capital structure while continuing to help our clients -- local businesses -- sustain and grow their operations. And we re-launched our company to capitalize on our highly-recognizable 'Dex' go-to-market brand and product portfolio," David Swanson, chief executive and chairman of Dex One, said in a statement released by the company.
Dex One shares began trading on the New York Stock Exchange today under the ticker "DEXO," with 50 million shares outstanding.
The new board of directors is comprised of Swanson, lead director W. Kirk Liddell, Jonathan Bulkeley, Eugene Davis, Richard Kuersteiner, Mark McEachen and Alan F. Schultz.
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