Idearc, Donnelley Flounder As Advertising Sales Drop

Law360, New York (March 13, 2009, 12:00 AM EDT) -- Phone directory publishers Idearc Inc. and R.H. Donnelley & Sons Corp. have both revealed that they are trying to restructure due to falling advertising revenue.

On Thursday, Idearc reported a 6.8% drop in revenue last quarter since the same time last year, also largely as a result of diminished advertising revenue.

The company also said that it may not be compliant with its quarterly leverage ratio covenant in the next two quarters, causing all of its secured and unsecured debt to become due. Idearc said that...
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