The publisher of Yellow pages has recently emerged from Chapter 11 bankruptcy under a new name and with a new balance sheet.
After spending the last eight months restricting its finances and cutting its debt nearly in half, R.H. Donnelley has finally emerged from bankruptcy under the new name, Dex One.
According to an article in the Denver Post, the company will remain under the control of its bondholders, who agreed to swap nearly $6 billion in debt for 100% of the company’s new equity.
The company began accumulating more and more debt as customers began shifting their searches to the Internet and advertising spending was down. The company, which will be publicly traded on the New York Stock Exchange, plans to focus a lot of its business on the Internet, where the large majority of its customers are now going to conduct their searches.
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