News sources say that AllianceBernstein LP and two other Truvo USA LLC creditors have objected to the directory publisher's bankruptcy plan.  The creditors assert that it is based on a "collusive arrangement" with senior lenders.

Truvo's plan, which allows lenders to take control through the sale of the company, violates current bankruptcy law said unsecured creditors in filings with the U.S. Bankruptcy Court of Manhattan.  They also said they know of zero efforts where Truvo tested the market to make sure it will get the best price for its assets.

Creditors stated, "Apparently without any such process to determine the fair market value of the assets to be sold, the debtors and the senior lenders have taken the liberty of setting their own sale price."

Truvo publishes print and online phone directories and file for bankruptcy in July with a restructuring plan that was based on a sale to senior lenders who are owed $991.9 million plus interest.  Next week, the company will ask a bankruptcy judge for permission to send its current plan to creditors for a vote.

If you are on the verge of filing for bankruptcy in the city of Houston and would like to discuss your options with a Houston bankruptcy attorney, contact our law office.