Yellow pages and Internet search publisher R.H. Donnelley (OTC: RHDC) delayed a $55 million payment on debt that was due April 15.

The company said it had the option for a 30-day grace period as it seeks to restructure its long-term debt.

Donnelley said in a statement that “the missed interest payment does not constitute an event of default under the bond indenture or any of its other debt agreements unless R.H. Donnelley fails to make the payment within 30 days of the due date, absent an extension.
The company continues to have discussions with its bondholders and major banks about a debt restructuring plan. While the company remains optimistic that it can successfully restructure its balance sheet, there can be no guarantee in this economic environment.”