R.H. Donnelley just announced it has successfully emerged from its Chapter 11 restructuring as Dex One Corporation and it is now trading on the New York Stock Exchange with 50 million shares outstanding. Distributions to creditors have already begun.
“Today marks a new chapter in our company’s history,” said David C. Swanson, chair and CEO of Dex One Corporation, in the announcement. “We completed a very complex restructuring in less than a year, eliminating more than $6 billion in debt and approximately $500 million in annual interest expense. We strengthened our capital structure while continuing to help our clients – local businesses – sustain and grow their operations. And we re-launched our company to capitalize on our highly-recognizable ‘Dex’ go-to-market brand and product portfolio.”
The Company’s new Board of Directors:
* David C. Swanson, Chair, and CEO since 2002;
* Mark A. McEachen, CFO of Freedom Communications, Inc.
* W. Kirk Liddell, Lead Director, and president, CEO and director of Irex Corporation, a parent service corporation;
* Jonathan B. Bulkeley, CEO of Scanbuy, Inc., and owner of hedge-fund investor firm Blue Square Small Cap Value Fund;
* Eugene I. Davis, chair and CEO of Pirinate Consulting Group, L.L.C.;
* Richard L. Kuersteiner, counsel at Franklin Resources, Inc;
* Alan F. Schultz, Director of Dex One (formerly R.H. Donnelley)