Idearc Prepares To Exit Ch. 11 Less $6B In Debt

Law360, New York (December 22, 2009, 6:22 PM EST) -- With its reorganization plan officially confirmed, bankrupt phone book publisher Idearc Inc. expects to emerge from Chapter 11 by month’s end having swapped $6 billion in bank debt for new equity.

Judge Barbara J. Houser of the U.S. Bankruptcy Court for the Northern District of Texas signed off Tuesday on the joint plan, putting the publisher of the Yellow Pages directories on track to exit restructuring exactly nine months after the overleveraged company sought bankruptcy protection.

“The evidence that was admitted into the record in support...
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