Long time Yellow Page industry giant Rueben H. Donnelly, has officially filed for bankruptcy protection. Donnelly is the second major Yellow Page publisher to file for bankruptcy over the past 4 months. Their filing also follows the March bankruptcy filing of competitor Idearc which publishes the Verizon Yellow Pages.There are many factors that drove the bankruptcy filing but here are a few factors that came directly from Donnelly spokespeople as to why the filing was necessary.
R.H. Donnelley, which missed a $55 million interest payment deadline on Thursday, said the filing was a bid to slash its debt by about $6.4 billion. Its total cash interest expense would be slashed by about $500 million annually.
Donnelly Chief Executive Officer, Dave Swanson said that the company has been making operational cuts during the last 12 to 16 months due to the shrinking market for local advertising and that more cuts are not part of its restructuring plan.
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