Judge Barbara Houser of the US Bankruptcy Court in Dallas officially gave the OK for the reorganization of bankrupt yellow-pages publisher Idearc.  Under the approved reorganization plan, the company's overall debt has been reduced from $9 billion to the still-hefty sum of $2.75 billion.  The company hopes to emerge from bankruptcy by the end of the year.

Idearc was spun off from parent company Verizon back in 2006, and filed for protection from creditors in March.  Hedge fund Paulson & Co will take possession of nearly half Idearc's stock when it becomes solvent again.

If you or someone you love is facing bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root today by calling 281-332-4800.