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/ 12.22.2009 12:00AM
UPDATED: Creditors Clear Thomson for Restructure
PARIS: Grass Valley parent corporation Thomson SA won the approval of the third and final group of creditors for its bankruptcy plan, the company said today. A committee of the company’s noteholders was the final group among the three to OK the plan for Thomson to restructure its debt.
Separate committees of the company’s suppliers and lenders unanimously voted to OK the plan yesterday. The final hurdle will be a shareholder vote, scheduled for Jan. 27.
The company filed for Chapter 15 protection in U.S.
Bankruptcy Court for the Southern District of New York last week to safeguard
its American assets while it restructures its $4.2 billion debt in France. Around
47 percent of Thomson’s 2008 revenues were generated in the United States. The proceeding is expected to be completed by February.
Shares of Thomson rose 24 percent in Paris to 1.08 euros (US$1.55) on the
announcement of yesterday's vote, but slipped back by about 10 percent today.
Thomson put Grass Valley up for sale in February, along with the digital
signage division, Premier Retail Networks. The two generated a combined $1.3
billion last year, or around 20 percent of Thomson’s revenues. No buyers have been annouced for either division. -- Deborah D. McAdams
(Image by Mike Philippens)
More on Thomson:
November 30, 2009: “Thomson Prepares for
Restructuring”
Grass Valley parent corporation Thomson SA said it would announce its debt
restructuring plan some time today.
April 29, 2009: “Thomson
Scores on Breach Waiver”
Thomson said its creditors have granted it a waiver, giving the company until
June 16 to restructure its 2.9 billion euro ($3.8 billion) debt due April 30.
March 10, 2009: “Thomson
Drops on Loss”
Thomson today posted a net loss of 1.9 billion euros ($2.4 billion U.S.) for
2008, compared to a loss of 23 million euros for the previous year ($33.8
million).
February 25, 2009: “Grass Valley Exec:
We’ll Be Around”
Grass Valley will take care of customers through its divestiture from Thomson,
a company executive said this week.
February 2, 2009: “Thomson Cuts Grass”
Thomson (NYSE:TMS) is putting Grass Valley up for sale. The Parisian tech giant
today said the board approved divesting the division, along with its Premier
Retail Networks digital signage business.
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