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R.H. Donnelley files for bankruptcy protection

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Cary, N.C.—Directory publisher R.H. Donnelley, battered by dwindling Yellow Page advertising sales and crushing debt, has filed for Chapter 11 bankruptcy protection.

By reorganizing, R.H. Donnelley hopes to reduce its $10 billion debt—accumulated in large part through acquisitions—and eliminate about $500 million a year in interest payments. The company said it plans to emerge from bankruptcy protection after the beginning of 2010.

R.H. Donnelley, which publishes some 600 directories, recorded a net loss of $401 million in the first quarter on revenue of $602 million. The company lost $2.3 billion for all of 2008.

In addition to printing its Dex-branded print white and Yellow Pages directories, R.H. Donnelley has an Internet Yellow Pages site. Its Business.com unit offers a business search engine and online directory.

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