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R.h. Donnelley

R.h. Donnelley

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Donnelley files for bankruptcyBig buyouts and shrinking ad revenue sinks Yellow Pages publisherBy Christopher Hinton, MarketWatchLast Update: 8:37 AM ET May 29, 2009NEW YORK (MarketWatch) -- R.H.

Donnelley Corp., the country's third largest print and online Yellow Pages publisher, said Friday it has filed for bankruptcy after years of growth through leveraged buyouts."Our growth-through-acquisition strategy never anticipated the cataclysmic collapse of the U.S.

economy and the local advertising market," said David Swanson, chairman and chief executive.R.H.

Donnelley (RHDC) said it has more than $300 million of cash on hand which, combined with projected positive cash flow, will be sufficient to fund operations during the restructuring.

Shares of Cary, N.C.-based R.H.

Donnelley closed Thursday at 14 cents a share, off by 6.7%.

The stock has had a tragic run, peaking at around $78 in 2007 before plunging on signs the economy was beginning to cool off.Next Page >>View Entire Story
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