Donnelley, doing business as DEX, is publisher of the Yellow Pages in the Tri-Cities.
As of Dec. 31, 2008, the Cary, N.C., company had $11.88 billion in assets and $12.37 billion in liabilities, spokesman Tom Becker said.
The company missed a $55 million payment on April 15 and a $78 million payment due May 15. But creditors extended R.H. Donnelley’s payment deadline to Thursday.
Under terms of its proposed reorganization agreement with creditors, R.H. Donnelley will lower debt by about $6.4 billion, get rid of some $500 million in annual interest expense, and extend debt maturities to 2014.
Company operations will continue normally, without service disruptions, during the restructuring.
Earlier this month, R.H. Donnelley reported a first quarter net loss of $401 million on an 11 percent revenue decline.
In the past 52 weeks, the share price has fallen 97 percent. It closed Thursday down 1 cent, or 6.7 percent, to 14 cents per share, a price that leaves its market capitalization at $9.6 million.