CARY, N.C., Feb. 1 /PRNewswire-FirstCall/ -- R.H. Donnelley today announced it has successfully emerged from its Chapter 11 restructuring as Dex One Corporation and will begin trading on the New York Stock Exchange today under the ticker "DEXO," with 50 million shares outstanding.
"Today marks a new chapter in our company's history," said David C. Swanson, chairman and CEO of Dex One Corporation. "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. 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 new Dex One Corporation will build upon its legacy of delivering media products and marketing services that help local businesses get found and selected by active shoppers. The company will continue to offer its "Dex" branded suite of products including online and mobile search solutions, print yellow pages directories, voice-search platforms and pay-per-click networks.
"We selected the Dex One name because it clearly communicates who we are and what we do – Dex, your trusted marketing partner for over a hundred years, and now, your One stop shop for getting your business exposed to active buying consumers whether they're searching our robust suite of Dex products or on other major search sites or search engines. We believe Dex One Corporation clearly highlights our category leadership and our premium position," Swanson added.
The company's plan of reorganization was confirmed Jan. 12 by the Hon. Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware after more than 96 percent of creditors by amount who cast ballots voted in favor of confirmation. The plan became effective on Jan. 29. Distributions to creditors have already begun.
"Throughout this process, we knew it was critical for the business to continue as usual so that our valued clients would continue to receive the service and commitment from the company they had come to expect," Swanson said. "Achieving that goal is one of our proudest accomplishments."
As previously announced, the company filed a voluntary petition for relief under Chapter 11 on May 28, 2009 after reaching pre-arranged agreements with certain creditor groups, including bank lenders and noteholders.
Also today, the Company announced its new Board of Directors:
- 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.
About Dex One Corporation
Dex One Corporation (NYSE: DEXO) is a leading marketing services company that helps local businesses reach, win and keep ready-to-buy customers. Our highly-skilled, locally based marketing consultants offer a wide range of marketing products and services that help businesses get found more than 1.5 billion times each year by actively shopping consumers. We offer local businesses personalized marketing consulting services and exposure across a broad network of local marketing products – including our "official" print, online and mobile yellow pages and search solutions, as well as major search engines. For more information visit www.DexOne.com.
Certain statements contained in this press release regarding Dex One Corporation's future operating results or performance or business plans or prospects and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. All forward-looking statements reflect only Dex One's current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to Dex One. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause Dex One's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements.
SOURCE Dex One Corporation