TRUVO IRELAND will continue publishing Eircom’s telephone directories, even though its parent, Truvo USA, filed for bankruptcy protection earlier this month.
Eircom has received assurances from Truvo Ireland that the publication and distribution of its telephone directories will not be jeopardised by the bankruptcy proceedings.
Eircom is obliged by the regulator to produce a directory every year, and the latest editions are due to be delivered in September and October.
It is understood that Truvo Ireland will continue to trade as normal. As well as publishing Eircom’s directories (as part of a seven-year contract that expires in 2013), it also owns and publishes the Golden Pages, and operates an online directory truvo.ie.
On July 1st, Truvo USA filed for Chapter 11 bankruptcy in New York, to give it protection from its creditors.
However, according to papers filed with the US Bankruptcy Court in Manhattan, the group’s European units, which operate in Ireland, Belgium and Portugal, are not in bankruptcy.
In court documents, Saul Burian of financial advisory firm Houlihan, Lokey, Howard Zukin, which is representing Truvo USA, noted that the company had a leadership position in the Yellow Pages market in countries including Ireland.
He also noted that some of Truvo’s most important markets such as Ireland and Portugal are among the economies which are “most negatively affected” by the global downturn. – (Additional reporting: Bloomberg)
