Approval of the Draft Safeguard Plan by the Creditorsa?? Committee

PRESS RELEASE APPROVAL OF THE DRAFT SAFEGUARD PLAN BY THE CREDITORSa?? COMMITTEEParis (France), 6 JulyA 2020 a?? Technicolor (EuronextA Paris: TCH; OTCQX: TCLRY) (the A«A CompanyA A») and SELARL FHB, represented by Me HA©lA?ne Bourbouloux and GaA«l Couturier, in their capacity as judicial administrators appointed as such by a ruling of the commercial court of Paris dated 22 June 2020 (the A«A Judicial AdministratorA A»), herein announce that, in the framework of the meeting held on 5 July 2020 and convened by the Judicial Administrator, the lenders' committee under the accelerated financial safeguard procedure, approved the draft safeguard plan at a majority of 100% of the creditors who cast a vote.This is a significant milestone for the Company, and the next key milestone will be the Shareholders Meeting which will be held on 20th July 2020 behind closed doors, without the physical presence of the shareholders, given the sanitary situation. A strong participation, necessary to achieve the quorum requirement, and a positive shareholder vote in favour of all the resolutions at this meeting, are of the utmost importance for the Companya??s future, as this will facilitate the implementation of the safeguard plan, opening a new chapter to the Companya??s development. Otherwise, Technicolor will have no choice but to ask the court to initiate receivership (redressement judiciaire) or liquidation proceedings, in which case quasi all the Companya??s assets could be attributed or sold to the New Money providers and existing lenders allowing the continuation of the Groupa??s activities (at the subsidiariesa?? level) and the trading with clients and suppliers, thanks to a reinforced financial structure. However, in such situation, the shares of the Company would lose all or quasi all of their value.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2020    »