Get the latest news alerts: at Twitter.
Local Tech Wire
CARY, N.C. – Yellow pages and interactive advertising firm R.H. Donnelley takes on a new name, , and a new stock symbol on the New York Stock Exchange after successfully emerging from bankruptcy.
The Cary-based firm’s stock began trading Monday under the symbol DEXO.
Dex One also named a new board of directors.
Under a deal with its creditors, Dex One reduced its debt by more than $6 billion as part of its restructuring plan.
"Today marks a new chapter in our company’s history," said David Swanson, the chairman and chief executive officer.
"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,” he explained in a statement. “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 fell into bankruptcy last year under pressure from debt and declining revenues from its yellow pages advertising holdings.
Dex refers to a company that R.H. Donnelley had acquired for its interactive and online services.
Donnelley filed for bankruptcy last May 28.
The new board, with information provided by Dex:
• David C. Swanson, Chairman of the Board – Swanson has been CEO of Dex One (formerly R.H. Donnelley) since May 2002 and originally joined the company in 1985.
• W. Kirk Liddell, Lead Director – Liddell has served as President, CEO and Director of Irex Corporation, a parent service corporation, insurance company and affiliated group of 18 specialty contracting companies, since 1984.
• Jonathan B. Bulkeley – Bulkeley has served as CEO of Scanbuy, Inc., a global leader in visual navigation for the wireless industry, since 2006. He also owns and operates the Blue Square Small Cap Value Fund, a hedge fund investing in global small and micro cap equities.
• Eugene I. Davis – Davis has served as Chairman and CEO of Pirinate Consulting Group, L.L.C., a privately held consulting firm specializing in, among other things, crisis and turn-around management and strategic advisory services for public and private business entities, since 1999.
• Richard L. Kuersteiner – Kuersteiner has served in various capacities at Franklin Resources, Inc. since 1990, including Director of Restructuring, Managing Corporate Counsel and Associate General Counsel. He has served as an officer of virtually all of the Franklin Templeton funds.
• Mark A. McEachen – McEachen has served as Chief Financial Officer of Freedom Communications, Inc., a media company with broadcast television and print publishing business segments, since May 2009.
• Alan F. Schultz – Schultz has been a Director of Dex One (formerly R.H. Donnelley) since 2005. He has served as Chairman, President and CEO of Valassis Communications, Inc., a leader within the marketing services and promotional media industries, since 1998.