Dex Media Inc. reached an agreement with some of its creditors Monday on a plan to enter Chapter 11 protection, setting in motion the company’s third trip to bankruptcy court in less than a decade.

The plan comes after months of negotiations with creditors. If approved, it will help the phone-book publisher cut its $2.42 billion in debt and simplify its capital structure, according to a statement from the company.

Dallas-based Dex has been discussing a debt reorganization with holders of its more than $2 billion of loans since last fall and has been wrangling with a group of junior bondholders that considered putting the company into involuntary bankruptcy after it skipped an interest payment on Sept. 30, people with knowledge of the situation said last year.

Lenders holding $2.1 billion of Dex’s loans must vote on the proposal by May 16, while holders of $270 million of subordinated notes must consent by May 30, according to the disclosure statement for the plan. The company said it has support for the prepackaged reorganization plan from a majority of its bondholders and creditors controlling two-thirds of its loans.

As part of the plan, Dex Media’s senior secured lenders will exchange their $2.12 billion of claims for a new $600 million first-lien term loan. They’ll also get claims on all of the equity of the reorganized entity. Bondholders will get a $5 million cash payment and warrants to buy up to 10 percent of the equity in the reorganized company, according to the statement.

The company said it intends to complete the restructuring during the third quarter.

The two businesses that formed Dex Media previously went through their own bankruptcies. R.H. Donnelley Corp. filed for Chapter 11 in May 2009, emerging in 2010 as Dex One Corp. Dex One then combined with SuperMedia Inc., another firm that had been through bankruptcy, in August 2012. The combined company filed for creditor protection again in March 2013 to complete the merger through a prepackaged bankruptcy proceeding.

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