(News Bulletin 247) – Technicolor Creative Studios (TCS) announced on Monday the signing of a conciliation protocol with its creditors and its main shareholders, in the extension of the refinancing agreement concluded last month.
The specialist in image technologies, resulting from the split of Technicolor, underlines in a press release that the process testifies to the “support” shown by its investors in its recovery plan.
The protocol provides for the contribution of fresh money (‘new money’) for an amount of 170 million euros, as well as the restructuring of the existing debt.
In detail, TCS will benefit from a first refinancing line of 85 million euros in early April, then a second tranche of 85 million by the end of the second quarter.
Its indebtedness will also be reviewed, since the variable rate debt, of approximately 621 million euros, would be restructured for a total amount of approximately 421 million euros.
This protocol, which has been approved by the Commercial Court of Paris, must still obtain several regulatory agreements, as well as the approval of the shareholders who will be convened during the second quarter.
Listed on the Paris Stock Exchange, the TCS title rose by nearly 1% on Monday morning following these announcements, but still shows a decline of more than 45% since the start of the year.
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