UPDATE 1-Hedge fund Paulson & Co seeks up to 45 pct of Idearc

NEW YORK, Oct 30 (Reuters) - Hedge fund Paulson & Co is seeking to buy nearly half of bankrupt Yellow pages publisher Idearc Inc's (IDARQ.PK) common shares when it emerges from bankruptcy by offering creditors cash for the shares they are to receive under its proposed reorganization plan.

Under a proposal Idearc filed with U.S Bankruptcy Court in Dallas, Paulson "will not beneficially own more than 45 percent" of the new Idearc's common stock, Idearc said in a statement on Friday.

Paulson would have the right to name one director to Idear's board under the proposal.

A hearing on the deal, which is subject to court approval, is scheduled for Nov. 18. A separate 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 Phil Wahba)