Truvo’s U.S. Holding Company Files for Bankruptcy
By: Charles Laughlin
1 July 2010
Truvo USA, the holding company that owns the European directory publisher Truvo, has filed for bankruptcy protection, with plans to hand over the company to its senior creditors. Truvo’s European-based operating companies did not file for bankruptcy protection.
Truvo operates in Belgium, Ireland and Portugal, and it recently divested its small Romanian operation. These markets are either heavily exposed to large metro markets, suffer from exceptionally poor economic conditions or both.
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Truvo USA LLC and four affiliates, publishers of printed and online directories, filed for BANKRUPTCY citing a heavy debt load and declines in print advertising. The affiliates in bankruptcy are holding companies with no employees and no operations and depend on operating units to generate revenue, according to court papers and Sean O’Neal, the company’s bankruptcy attorney.
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