strip out the dead wood So reading about AT&T selling of their directory business, and its focus on growing their digital advertising, why wouldn't Yellow media do the same?
Consider this scenario,
Sell off the directory business of yellow media with consideration to allowing the buyer of the division to retain the use of the yellow pages trademark and associated goodwill with agreements to retain standards and expectations etc, along with sharing of advertising mediums for customers who wish have broader coverage,
Use the proceeds to pay down (or out) the debt
Grow the digital side (profitable) side of the business.
This is over simplified but doable