Truvo in €290 Million Debt Restructuring

April 30, 2015

Cleary Gottlieb represented the Truvo Group in a consensual €290 million debt restructuring.

The restructuring successfully reduced Truvo’s outstanding senior debt from €290 million to €15 million in exchange for a combination of equity and PIK debt. The restructuring involved various jurisdictions including Belgium, England, The Netherlands and Luxembourg. Tax rulings needed to be sought in Belgium, The Netherlands and Luxembourg as conditions precedent to the restructuring which was launched pursuant to a lock up agreement dated 3 December 2014 and closed on 30 April 2015. Cleary Gottlieb also advised on the negotiations of various corporate documents including the shareholders’ agreement.

Truvo is a leading Belgian search and advertising business operating through print, online, mobile and phone channels. Truvo publishes classified (yellow) and alphabetic A-Z (white page) print and online directories as well as mobile and phone-based equivalents.

Cleary Gottlieb previously advised Truvo in a €1.5 billion restructuring in 2010 involving a Chapter 11 proceeding.