Business News
R.H. Donnelley Emerges From Chapter 11 as Dex One Corporation
Monday 01. February 2010 - - Company Successfully Reduced Debt by $6.4 Billion - Dex One Shares (NYSE: DEXO) to Begin Trading Today - New Board of Directors Named
R.H. Donnelley today announced it has successfully emerged from its Chapter 11 restructuring as Dex One Corporation and will begin trading on the New York Stock Exchange today under the ticker “DEXO,” with 50 million shares outstanding.
“Today marks a new chapter in our company’s history,” said David C. Swanson, chairman and CEO of Dex One Corporation. “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.”
The new Dex One Corporation will build upon its legacy of delivering media products and marketing services that help local businesses get found and selected by active shoppers. The company will continue to offer its “Dex” branded suite of products including online and mobile search solutions, print yellow pages directories, voice-search platforms and pay-per-click networks.
“We selected the Dex One name because it clearly communicates who we are and what we do – Dex, your trusted marketing partner for over a hundred years, and now, your One stop shop for getting your business exposed to active buying consumers whether they’re searching our robust suite of Dex products or on other major search sites or search engines. We believe Dex One Corporation clearly highlights our category leadership and our premium position,” Swanson added.
The company’s plan of reorganization was confirmed Jan. 12 by the Hon. Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware after more than 96 percent of creditors by amount who cast ballots voted in favor of confirmation. The plan became effective on Jan. 29. Distributions to creditors have already begun.
“Throughout this process, we knew it was critical for the business to continue as usual so that our valued clients would continue to receive the service and commitment from the company they had come to expect,” Swanson said. “Achieving that goal is one of our proudest accomplishments.”
As previously announced, the company filed a voluntary petition for relief under Chapter 11 on May 28, 2009 after reaching pre-arranged agreements with certain creditor groups, including bank lenders and noteholders.
Also today, the Company announced its new Board of Directors:
— David C. Swanson, Chairman of the Board – Swanson has been CEO of Dex
One (formerly R.H. Donnelley) since May 2002 and originally joined the
company in 1985.
— W. Kirk Liddell, Lead Director – Liddell has served as President, CEO
and Director of Irex Corporation, a parent service corporation,
insurance company and affiliated group of 18 specialty contracting
companies, since 1984.
— Jonathan B. Bulkeley – Bulkeley has served as CEO of Scanbuy, Inc., a
global leader in visual navigation for the wireless industry, since
2006. He also owns and operates the Blue Square Small Cap Value Fund,
a hedge fund investing in global small and micro cap equities.
— Eugene I. Davis – Davis has served as Chairman and CEO of Pirinate
Consulting Group, L.L.C., a privately held consulting firm
specializing in, among other things, crisis and turn-around management
and strategic advisory services for public and private business
entities, since 1999.
— Richard L. Kuersteiner – Kuersteiner has served in various capacities
at Franklin Resources, Inc. since 1990, including Director of
Restructuring, Managing Corporate Counsel and Associate General
Counsel. He has served as an officer of virtually all of the Franklin
Templeton funds.
— Mark A. McEachen – McEachen has served as Chief Financial Officer of
Freedom Communications, Inc., a media company with broadcast
television and print publishing business segments, since May 2009.
— Alan F. Schultz – Schultz has been a Director of Dex One (formerly
R.H. Donnelley) since 2005. He has served as Chairman, President and
CEO of Valassis Communications, Inc., a leader within the marketing
services and promotional media industries, since 1998.