Truvo (formerly World Directories and Promedia) is a Belgian company specialising in local search and advertising. Its products include Yellow Pages websites and print directories.
Overview
Truvo, formerly World Directories, is a Belgian yellow pages business operating in the local search and advertising market and has around 500 employees. The print and online platforms are monthly used by more than 10 million people. Truvo offers a range of complementary services, in print, on-line, telephony and mobile.
Debt Restructuring
In July 2010 Truvo entered Chapter 11 bankruptcy protection .[1] In December 2010 it emerged from this process with a greatly reduced debt and lower costs. The company was then taken over by its former owner's banks. The company's revenues however continue to fall and there is no plan to pay off the remaining 475mio debt.
Further debt problems and restructuring
In December 2011 Standard and Poor's lowered its credit rating on Truvo because of its debt burden and declining business performance. It also predicted a credit default sometime in 2012; according to S&P this would amount to bankruptcy and reorganisation as a going concern.