Judge delays ruling in Truvo bankruptcy
The ongoing bankruptcy case of Truvo USA was delayed as September began.
The case's judge was expected to decide on whether creditors can begin voting on the company's bankruptcy exit plan, but he said he will postpone that ruling.
According to a report from Bloomberg, the judge said that he wouldn't rule on whether the company could even send its plan to lenders, but that he may hold another hearing next week. The company's unsecured creditors are fighting the plan, and urged the judge not to allow voting to proceed so that they could continue negotiating.
Truvo, which publishes print and online telephone directories in Europe, filed for bankruptcy in July with a restructuring plan that would allow senior creditors, whose claims total close to a billion dollars, to control the company. An attorney for the company said it would make changes to its disclosure statement, and creditors will respond by September 7.
Late last week, AllianceBernstein and other junior creditors objected to the company's exit plan, saying it was based on a "collusive arrangement" with senior lenders, a Businessweek report said.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!