R.H. Donnelley enters into forbearance agreements regarding interest payment default

R.H. Donnelley Corp. (RHDC.PK) announced that it has entered into forbearance agreements with certain of its bondholders and bank lenders regarding $55 million interest payment default on one series of senior unsecured notes.

The company said that the relevant interest payment was due April 15, 2009 and the 30-day grace period for such payment expires on May 15, 2009. The bondholders and bank lenders party to the forbearance agreements agreed not to pursue their rights and remedies under the company's and its subsidiaries' applicable debt agreements relating to such interest payment through May 28, 2009.

The company also announced that it would exercise a 30-day grace period on an aggregate of about $78 million in interest payments due on May 15, 2009 on four series of subsidiaries notes. The company said that it continues to have discussions with ad hoc steering committees representing certain of its bondholders and banks lenders.

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