Truvo USA LLC, a bankrupt directory publisher, won court permission to move forward with its restructuring plan by sending the proposal to creditors for voting.
U.S. Bankruptcy Judge Arthur Gonzalez in New York today approved a summary of the plan, known as a disclosure statement, in a written order, allowing voting to proceed.
Truvo, a unit of Truvo Luxembourg Sarl, publishes print and online telephone directories in Europe. It filed for bankruptcy in July with a restructuring plan to give control of the company to senior lenders with claims of 777.6 million euros ($991 million) plus interest.
Truvo’s unsecured creditors, including AllianceBernstein LP, are fighting the plan. They urged Gonzalez at a hearing last week not to allow voting to proceed so that they could negotiate with the company.
In his order, Gonzalez approved a voting deadline of Oct. 1. Truvo will return to court in October or November to ask him to approve the plan.
The case is In re Truvo USA LLC, 10-13513, U.S. Bankruptcy Court, Southern District of New York (Manhattan).