French Thomson enters safeguard procedure to restructure debt
French Thomson enters safeguard procedure to restructure debt
08:55, December 01, 2009 
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Ailing French multimedia firm Thomson SA announced Monday to enter safeguard procedure, winning time to restructure its heavy debt by next February.
The company board's unanimous decision of using safeguard proceeding has obtained the approval of a Paris commercial court, Thomson said in a statement.
"Thomson will propose a plan based on the terms agreed by a majority of its senior creditors on July 24, 2009. Lenders and bondholders will be convened to vote on the restructuring plan, respectively on Dec. 21 and 22, 2009," the statement said, adding that an assembly for shareholders was expected on Jan. 27.
During the safeguard proceeding, which will last until next February, Thomson will keep on operation and making out restructuring plan for its debt of over 3.3 billion dollars.
The company survived from bankruptcy this summer thanks to an agreement with its creditors, but since then the two sides couldn't reach any accordance over the deadline of the repayment.
Frederic Rose, the Chief Executive of Thomson said he was "satisfied" to have "a clear timetable" for closing debt restructuring. "This allows us to provide clarity and certainty to our employees, customers, suppliers and shareholders," he added.
Source: Xinhua
The company board's unanimous decision of using safeguard proceeding has obtained the approval of a Paris commercial court, Thomson said in a statement.
"Thomson will propose a plan based on the terms agreed by a majority of its senior creditors on July 24, 2009. Lenders and bondholders will be convened to vote on the restructuring plan, respectively on Dec. 21 and 22, 2009," the statement said, adding that an assembly for shareholders was expected on Jan. 27.
During the safeguard proceeding, which will last until next February, Thomson will keep on operation and making out restructuring plan for its debt of over 3.3 billion dollars.
The company survived from bankruptcy this summer thanks to an agreement with its creditors, but since then the two sides couldn't reach any accordance over the deadline of the repayment.
Frederic Rose, the Chief Executive of Thomson said he was "satisfied" to have "a clear timetable" for closing debt restructuring. "This allows us to provide clarity and certainty to our employees, customers, suppliers and shareholders," he added.
Source: Xinhua
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