R.H. Donnelley said Tuesday that a bankruptcy judge has approved its reorganization plan, allowing the company to emerge from court protection by the end of the month, according to Associated Press.
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R.H. Donnelley filed for Chapter 11 bankruptcy court protection in May. Under the plan, the company can reduce its $12.4 billion in debt by $6.4 billion.
The plan would also get rid of about $500 million in annual interest expenses.
More than 96 percent of creditors who voted approved the plan. R.H. Donnelley said it would begin paying back creditors by the end of January.
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