Swanson et al“) had said that executives had made false claims during the period, stating that print Yellow Pages were not becoming obsolete, among other things, and that they had made false assurances about the financial condition of the business. Excavators and Pavers Pension Trust Fund et al. The stockholders in the suit (“ Local 731 I.B. Donnelley Yellow Pages company and some of its executives was settled earlier this month for $25 Million. Posted in Business Management, General Commentary, Yellow Pages | Comments Off on Bain Capital & Mitt Romney’s Involvement with Italy’s Yellow Pages DebacleĪ class-action lawsuit brought by stockholders against the former R.H. Tags: Bain Capital, Italian Yellow Pages, Italy Yellow Pages, Mitt Romney, Pagine Gialle, Yellow Pages Subsequent to the Internet bubble, though, the Italian Yellow Pages declined very sharply in value at the expense of company shareholders (many of whom were possibly Italians) and the devaluation probably negatively impacted the service provided in Italy which could be said to affect virtually all Italians, one way or another. The article outlines a possible reason why Romney’s trip through Europe didn’t include a stop in Italy, one of the G8 countries: some years back, Bain Capital, Mitt Romney’s company, purchased a major stake in Italy’s Yellow Pages, Seat Pagine Gialle, and then they later resold their portion during the height of the Internet bubble for a very hefty profit, in the process circumventing taxes that could have benefited Italy. Let me note upfront that I’m politically a moderate and a non-partisan, so my interest in this article is primarily from the perspective of the business and historical aspects involving the Yellow Pages industry, which I’ve written about from time-to-time. My attention was drawn to this Bloomberg article today, “ Romney Persona Non Grata in Italy for Bain’s Deal Skirting Taxes“, brought to my attention by a Tweet from Greg Sterling. Posted in Directories, General Commentary, Yellow Pages | Comments Off on Double Bankruptcy Required for Dex One / SuperMedia Yellow Pages Merger?!? Tags: bankruptcy, chapter 11, Dex One, M&A, mergers, SuperMedia, Superpages, Yellow Pages However, the wording is such that it clearly states that possible (more…) The Triangle Business Journal headline reports that bankruptcy is a possibility for Dex One, perhaps because the filing states that “Dex One recognizes…”.
Idearc Media, earlier known as Verizon Information Services, had been spun off from Verizon with an irresponsibly high debt load, and as a result filed for Chapter 11 bankruptcy in March of 2009, later to emerge from the rubble as SuperMedia in December of 2009. Donnelley Company filed for bankruptcy, and Dex One rose from its ashes in February of 2010. If you haven’t kept up with recent years’ history, the surreal part of this is that both companies already emerged from Chapter 11 bankruptcy restructuring not that long ago. However, there can be no assurance that Dex One and SuperMedia can effect a transaction through an alternative structure, that the necessary consents will be obtained, or that the Merger will be consummated.
#DEX ONLINE YELLOW PAGES CODE#
Therefore, possible alternatives to the current transaction structure to effect the Merger are under consideration, including a “prepackaged” restructuring of the parties’ senior secured indebtedness through proceedings instituted under Chapter 11 of the Bankruptcy Code to implement possible amendments that may garner sufficient, though not unanimous, support from the parties’ respective lenders, while otherwise maintaining the basic economic terms of the Merger Agreement. In light of the current negotiations, however, Dex One recognizes that the parties may not be able to obtain sufficient approval from the senior secured lenders to any proposed amendments to the parties’ respective credit agreements.
Quoted from the Form 8-K filed by Dex One: Securities & Exchange Commission filing states that the companies might have to restructure under a Chapter 11 bankruptcy in order to make the merger deal work! In nothing short of earth-shattering news, it was reported that the Dex One – SuperMedia yellow pages companies merger is apparently on the rocks due to the companies’ creditors being unwilling to accept financial terms.
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