Yellow Pages Bankruptcy

R.H. Donnelley files Ch. 11

The Associated Press
8:21 AM CDT, May 29, 2009

Yellow pages publisher R.H. Donnelley Corp., which has been struggling to service its debt as the recession slashes its revenue, said Friday it voluntarily filed to reorganize under Chapter 11 bankruptcy law.

Donnelley, which was formed in 1916 as an offshoot of Chicago?s R.R. Donnelley, is now a completely separate company based in Cary, N.C. But it has operations in the Loop, Arlington Heights, Tinley Park and six other Illinois locations. R.R. Donnelley, the world?s largest printing company, still publishes many of R.H. Donnelley?s directories.

As of Dec. 31, 2008, the company had $11.88 billion in assets and $12.37 billion in liabilities, spokesman Tom Becker said.

The company missed a $55 million payment on April 15 and a $78 million payment due May 15. But creditors extended R.H. Donnelley's payment deadline to Thursday.Full story