Even so, the merger of these two firms through joint bankruptcy proceedings gives the combined entity a major head start towards achieving these goals.

FORBES: What's The Story With Dex Media And Why Is It So Darn Cheap?

Speaking in a joint statement, they said the resolution meant legal proceedings were "at an end with immediate effect".

BBC: Damien Shannon

In the joint statement, Mr Shannon and the college said court proceedings were now over after "St Hugh's College advocated successfully for the University of Oxford to carry out a review of the present financial guarantee policy".

BBC: Damien Shannon