Thomson’s creditors, suppliers and noteholders backed the group’s proposed debt restructuring plan after they voted on the deal on December 21 and 22.
Noteholders backed the plan by 98.8%, while the approval from creditors and suppliers was unanimous,…
Thomson’s creditors, suppliers and noteholders backed the group’s proposed debt restructuring plan after they voted on the deal on December 21 and 22.
Noteholders backed the plan by 98.8%, while the approval from creditors and suppliers was unanimous, Thomson said.
To go through, the plan still needs the backing of at least two-thirds of shareholders. These are set to vote on the issue on January 27.
Audiovisual group Thomson, which is changing its name to Technicolor, previously warned that it would transfer the issue of its debt restructuring to the commercial court of Nanterre unless at least two-thirds of its lenders and shareholders could agree on a plan.
The group says that the proposed plan, which involves a E348n capital increase, a debt-for-equity swap and a bond buy-back, would reduce its E2.48bn debt by 45% to E1.5bn, all the while hugely diluting the group’s shares.
Meanwhile, media reports speculate that US-based Avid Technology has entered talks to acquired Grass Valley, one of the three subsidiaries that Thomson put on the block to pay back part of its debt.
Perella Weinberg Partners and Ph. Villin Conseil are advising Thomson on its options. Deutsche Bank is advising Thomson on the sale of Grass Valley, while Goldman Sachs is advising it on the sale of digital signage unit Premier Retail Network (PRN).
