Brief: Technicolor Creative Studios Progressing On Recovery Plan

Technicolor Creative Studios SA

03/04/2023 07:19

April 3 (Reuters) - Technicolor Creative Studios SA
 TCHCS.PA :
    * CREATIVE STUDIOS: PROGRESSING TOWARDS DELIVERING ITS
RECOVERY
PLAN
    * EXECUTION ON MARCH 27, 2023, OF A CONCILIATION PROTOCOL BY
ITS
LENDERS AND MAIN SHAREHOLDERS
    * FIRST TRANCHE REFINANCING DRAWDOWN EARLY APRIL IN
AGGREGATE
PRINCIPAL AMOUNT OF €85,000,000 AND SECOND TRANCHE IN AGGREGATE
PRINCIPAL AMOUNT OF €85,000,000 EXPECTED BY THE END OF Q2 2023
    * A DEBT TO EQUITY WILL BE CARRIED OUT THROUGH CAPITAL
INCREASES
RESERVED TO THE BENEFIT OF THE FIRST LIEN FACILITY LENDERS
    * A BOARD OF DIRECTORS WOULD IN PRINCIPLE BE COMPOSED OF AT
LEAST
FIVE INDEPENDENT DIRECTORS, UP TO FOUR OF THEM MAY BE PROPOSED
BY THE MAJOR SHAREHOLDERS
    * WILL UNDERTAKE A STRATEGIC REVIEW OVER THE NEXT 24 MONTHS
TO
EXPLORE OPTIONS TO MAXIMIZE VALUE FOR ALL STAKEHOLDERS
    * COMPANY WILL ALSO CONSIDER ITS OPTIONS FOR A POSSIBLE
DELISTING
FROM EURONEXT PARIS IN THE SHORT TERM

Source text for Eikon:  ID:nGNE1jmhf1 
Further company coverage:  TCHCS.PA 

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