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Truvo, Tronox, Bear Island, Lehman, SCO: Bankruptcy

The Chapter 11 cases for units of Truvo Luxemburg Sarl, a Belgium-based publisher of directories, may test whether a U.S. bankruptcy court can or should eliminate debt on European companies that aren’t in bankruptcy in the U.S. or abroad.

Truvo missed a June 1 interest payment on two issues of second-priority notes. Some non-operating subsidiaries sought Chapter 11 protection on July 1 and filed a reorganization plan on July 14. The plan was negotiated with holders of 80 percent of the 778 million euros ($993 million) of first-priority senior debt and holders of 15 percent of the second-priority debt.