Idearc Lenders, Creditors Settle Suit Over Asset Liens

By Jocelyn Allison

Law360, New York (November 18, 2009, 6:32 PM ET) -- Unsecured creditors in Idearc Inc.'s bankruptcy have settled a dispute with secured lenders over control of assets including the phone book publisher's advertising revenues and copyrights for its Yellow Pages directories, attorneys for both sides said.

JPMorgan Chase Bank NA, the administrative agent for the secured lenders in the suit, reached an agreement with the official committee of unsecured creditors just before the case was to resume trial this week.

The settlement confirms the lenders' liens on substantially all of Idearc's assets against the creditors committee's...
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