Falling Ad Sales Send Idearc To Bankruptcy Court

Law360, New York (March 31, 2009, 12:00 AM EDT) -- Facing falling advertising revenue and over $9 billion in debt, phone book publisher Idearc Inc. on Tuesday filed for Chapter 11 bankruptcy with the outline of a reorganization plan in hand.

Idearc said Tuesday that it had already reached an “agreement in principle” with its secured lenders on key aspects of its reorganization plan before filing a voluntary bankruptcy petition in the U.S. District Court for the Northern District of Texas. The company said that it hoped to file a reorganization plan in court within 30...
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