Yellow Pages Files for Bankruptcy
Posted By Janet on June 20, 2009
What’s happening with print advertising?
R.H Donnelly, one of the nation’s largest yellow pages publishers, filed for bankruptcy.
The voluntary Chapter 11 filing in a federal bankruptcy court in Delaware is the latest in a streak of bad news for the company.
Mounting losses and mountains of debt turned its stock (OVTC: RHDC) into one worth pennies. In its court filing, Donnelley listed assets of $11.9 billion and debts of $12.4 billion. Its stock closed at 14 cents Thursday. Its 52-week high is $5.67.
Earlier this month Donnelley reported a first-quarter net loss of $401 million with revenues declining 11 percent.
We don’t wish this on anyone, but the point is people are moving away from print media and moving to the internet. Is your business advertising on the web yet?
regardless of the intention in mind or of where the financing came from (be it from high street banks or subprime mortgage lenders), handling the debts after they are made should always become the first priority of the borrower.