CARY, N.C. — Yellow-pages publisher R.H. Donnelley has emerged from Chapter 11 bankruptcy protection with a new nameDex One — and a revamped balance sheet after an eight-month-long restructuring that cut the company’s debt load in half.
The company is leaving bankruptcy protection under the control of its bondholders, who swapped about $6 billion in debt for 100 percent of the company’s new equity. Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., confirmed the company’s restructuring plan Jan. 12.
Dex One’s new stock will trade on the New York Stock Exchange under “DEXO.” Yellow-pages publishers are following their customers to the Internet as consumers shift their searches online. The shift, along with a downturn in advertising spending, has come as directory publishers have struggled with considerable debt loads.
Dex One rival Idearc, now SuperMedia Inc., recently completed a bankruptcy restructuring that slashed about $6.25 billion in debt. Dow Jones Newswires
