Indanthrone, an old, insoluble dye can be converted into a solution processable, self-assembling and electroluminescent organic semiconductor, namely tetraoctyloxydinaptho[2,3-a:2',3'-h]phenazine (P-C8), in a simple one-pot process consisting of the reduction of the carbonyl group by sodium dithionite followed by the substitution with solubility inducing groups under phase transfer catalysis conditions.