Idearc announces emergence from Chapter 11 bankruptcy on Dec. 31

By Lisa Kerner

Charlotte, N.C., Dec. 31 - Idearc Inc. emerged from Chapter 11 bankruptcy on Dec. 31, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The court confirmed the company's plan of reorganization on Dec. 22, an Idearc news release said.

As previously reported, under the proposed plan the company's debt will be reduced to $2.75 billion of secured bank debt from $9 billion of total debt, with Idearc's current bank debtholders, bondholders and some other creditors receiving new common stock of reorganized Idearc or, if they choose, cash.

Idearc, a Dallas-based provider of yellow and white page directories and related advertising products, filed for bankruptcy on March 31, 2009. Its Chapter 11 case number is 09-31828.

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