RH Donnelley Plan Includes Debt Cut, Equity Exchange

Law360, New York (September 22, 2009, 3:11 PM EDT) -- Phone book publisher R.H. Donnelley Corp. has filed a Chapter 11 reorganization plan that calls for the elimination of $6.4 billion in debt, pays down debt to prepetition lenders and exchanges most of its existing debt to noteholders into equity in the reorganized company.

The plan, filed Friday in the U.S. Bankruptcy Court for the District of Delaware along with an amended disclosure statement, also calls for the expiration of existing revolving credit facilities in 2014, along with modifications to those facilities.

Aiming to cut its...
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