When cellular phones and data plans started to become popular, people seemingly forgot about the yellow pages. According to Bloomberg News, two of the nation’s largest yellow pages companies filed for Chapter 11 bankruptcy last week, with the hopes to merge into a single company by July.
The companies, SuperMedia and Dex One have announced plans to merge in the hopes to save $175 million in operation costs. “This [bankruptcy] process will facilitate the completion of our merger with Dex One and ensure the financial and strategic benefits of the merger identified and communicated previously remain unchanged,” SuperMedia President and CEO Peter McDonald said in a statement.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows businesses to continue to operate while looking for investors and buyers. Although rare, a person may also file a Chapter 11 bankruptcy if they make too much money to file Chapter 7 bankruptcy and have too much debt for a Chapter 13 bankruptcy. During an individual Chapter 11 bankruptcy, a person or couple must submit a plan of reorganization that proposes to repay creditors over a set period of years.
Like a Chapter 11 bankruptcy, Chapter 13 and Chapter 7 bankruptcies help people by stopping collection attempts. If you need financial relief but are worried you will not qualify for bankruptcy, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. We will find a filing that will work for you.