NYSE suspends Donnelley shares

Stock in the Cary publisher of yellow pages is now trading over the counter

Shares of Cary yellow pages publisher R.H. Donnelley didn't trade on the New York Stock Exchange Friday.

Donnelley and the NYSE announced Wednesday that trading of its shares has been suspended for failing to meet the exchange's requirement of having a market capitalization -- the total value of its outstanding stock -- of at least $25 million over a 30-day trading period.

The suspension is a precursor to being delisted, an action that must be approved by the Securities and Exchange Commission.

Donnelley shares began trading over-the-counter Friday under the symbol RHDC.

Shares fell 20 cents to close at 17 cents on Friday.

The company said in a statement that the exchange's action "does not impair R.H. Donnelley's ability to continue to operate on a business as usual basis."

Donnelley spokesman Peter Larmey declined further comment.

Donnelley shares nosedived 98.99 percent in 2008, the biggest decliner last year among public companies based in the Triangle.

Donnelley's ad sales have been hurt by the recession and competition from the Internet, and investors are concerned about a debt load that stood at $9.6 billion as of Sept. 30.

The company had already trimmed about 13 percent of its work force during the last year, or more than 500 workers companywide.

The company, which publishes yellow pages directories in 28 states, has more than 4,000 employees in all, including about 570 in the Triangle.