Last week, Local Insight Media emerged from Chapter 11 bankruptcy, roughly one year after seeking protection from its creditors.
The company emerges from bankruptcy with a new structure, a new board of directors and a more manageable balance sheet, having eliminated 90 percent of its debt. The company is also adopting a familiar new name — The Berry Co. LLC. The name Local Insight Media will be phased out over time, according to the company.
Last year’s bankruptcy filing was soon followed by a management shakeup, in which CEO Scott Pomeroy and other senior executives left the company. Pomeroy was replaced on an interim basis by Scott Brubaker, an executive with the turnaround firm Alvarez and Marsal. The company recently named John Fischer as its permanent CEO.
Berry is not alone. Other companies in the directory industry have recently passed through bankruptcy, including SuperMedia, Dex One and Truvo.