UPDATE 1-Idearc says court approves standby Paulson agreement

* Says Paulson to own no more than 45 pct post-reorganization

* Says reaches agreement with major lenders (Recasts, adds details)

Nov 20 (Reuters) - Bankrupt U.S. telephone yellow-pages publisher Idearc Inc IDARQ.PK said on Friday a Dallas bankruptcy court had approved a standby purchase agreement where hedge fund Paulson & Co would own nearly half of the company when it emerges from bankruptcy.

Under the agreement, creditors can opt for cash for the shares they are to receive as part of the proposed reorganization plan.

Paulson "will not beneficially own more than 45 percent" of the new Idearc's common stock, Idearc said in a statement.

The yellow-pages publisher also said it reached an agreement with major lenders that resolves all pending litigation and objections to the reorganization plan.

A hearing on Idearc's plan of reorganization is set for Dec. 9.

Idearc Inc filed for bankruptcy in March, as revenue for its printed directories business dwindled amid a shift to online search and advertising.

Idearc was spun off from Verizon (VZ.N) in 2006.

The case is in Re: Idearc Inc, U.S. Bankruptcy Court for the Northern District of Texas, No. 09-31828. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)