Idearc’s bankruptcy plan approved
Dallas Business Journal
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Phone directory publisher Idearc Inc. said Friday the U.S. Bankruptcy Court for the Northern District of Texas approved the company’s amended disclosure statement outlining the company’s plans for emerging from Chapter 11 bankruptcy.
Dallas-based Idearc said that under its proposed plan, the company’s total debt will be reduced from about $9 billion to approximately $2.75 billion of secured bank debt, with the remainder of the company’s current bank debt and bonds converted to new equity.
Scott Klein, Idearc’s CEO, said in a statement, “The court’s approval of the disclosure statement and its authorization to begin the process for soliciting approval of our plan, signals the latest step toward emergence from Chapter 11.”
Idearc was created in October 2006 when Verizon spun off its yellow pages and directories division into the standalone company. It was launched with $9.1 billion in long-term debt at its creation. Idearc and its subsidiaries filed for Chapter 11 bankruptcy protection in March.
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