Judge Confirms Reorganization of Bankrupt Yellow Pages Publisher Idearc


A Dallas bankruptcy judge has confirmed the plan of reorganization for U.S. yellow-pages publisher Idearc. Haynes and Boone, LLP, represented the official committee of unsecured creditors in the case, which began in March 2009.

The committee’s litigation efforts led to protracted negotiations that resulted in a plan of reorganization providing meaningful recovery for creditors. Unsecured creditors have the option of liquidating their claims and receiving 25 cents on the dollar or electing to participate in distribution of $120 million in cash plus 15 percent of the equity of the reorganized Idearc.

The bankruptcy court confirmed the plan premised on two settlements co-sponsored by the committee. Trey Monsour, one of the partners on the engagement said, “The efforts and hard work of Haynes and Boone partners Robin Phelan, and John Penn along with their co-counsel at Milbank, Tweed, Hadley & McCloy and Quinn Emanuel Urquhart Oliver & Hedges, LLP contributed significantly to this great result.”

The bankruptcy has been contentious and hard-fought culminating in a very successful outcome for Idearc’s creditors.

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