Dex Media Inc. reached an agreement with some of its creditors yesterday on a plan to enter chapter 11 protection, setting in motion the company’s third trip to bankruptcy court in less than a decade, Bloomberg News reported yesterday. The plan comes after months of negotiations with creditors. If approved, it will help the phone-book publisher cut its $2.42 billion in debt and simplify its capital structure, according to a statement from the company. Dallas-based Dex has been discussing a debt reorganization with holders of its more than $2 billion of loans since last fall and has been wrangling with a group of junior bondholders that considered putting the company into involuntary bankruptcy after it skipped an interest payment on Sept. 30. Lenders holding $2.1 billion of Dex’s loans must vote on the proposal by May 16, while holders of $270 million of subordinated notes must consent by May 30, according to the disclosure statement for the plan. The company said that it has support for the pre-packaged reorganization plan from a majority of its bondholders and creditors controlling two-thirds of its loans.
