UPDATE 1-Directories firm Local Insight files bankruptcy

Thu Nov 18, 2010 8:46am EST

* Filing includes Berry Co and Local Insight Regatta

* Assets and liabilities of between $500 mln-$1 bln

WILMINGTON, Del. Nov 18 (Reuters) - The fifth-largest U.S. publisher of directories, Local Insight Media Holdings Inc, filed for bankruptcy, according to court documents.

The bankruptcy by the Denver company, which publishes 870 Yellow Pages directories, also included subsidiaries Berry Co LLC and Local Insight Regatta Holdings Inc.

The company listed assets and liabilities of between $500 million and $1 billion.

Local Insight secured a commitment for a $25 million debtor-in-possession, or DIP, loan from JPMorgan Chase & Co (JPM.N) to fund operations while in court protection.

Several directories publishers, including Idearc Inc and Dex One Corp (DEXO.N) have used Chapter 11 to transform their focus from print directories to online-based advertising.

Dex One filed for bankruptcy as R.H. Donnelley Corp.

The Local Insight case is: Local Insight Media Holdings, Inc., Case No. 10-13677, U.S. Bankruptcy court, District of Delaware. (Reporting by Tom Hals, editing by Gerald E. McCormick)

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