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WRAL.com
CARY – A federal bankruptcy court approved the second step in the regoranization plan Tuesday for yellow pages and Dex e-commerce Web site publisher .
The company (OVTC: RHDC) said more than 96 percent of its creditors have approved its actions, and it is on track to emerge from voluntary Chapter 11 bankruptcy by the end of the month.
Donnelley filed for bankruptcy in May in a Delaware court after mounting losses and mountains of debt.
Before the filing, the publisher struck an “agreement in principle” with “key debt holders for a reorganization plan that would reduce debt by $6.4 billion and cut annual interest payments by $500 million," the company said.
Among Donnelley’s largest creditors are Bank of New York Mellon and U.S. Bancorp.
