Brief: Technicolor: Approval Of Draft Safeguard Plan By Creditors’ Committee

Vantiva SA

06/07/2020 07:13

July 6 (Reuters) - Technicolor SA  TCH.PA :
    * APPROVAL OF THE DRAFT SAFEGUARD PLAN BY THE CREDITORS’
COMMITTEE
    * LENDERS' COMMITTEE UNDER ACCELERATED FINANCIAL SAFEGUARD
PROCEDURE APPROVED DRAFT SAFEGUARD PLAN AT A MAJORITY OF 100% OF
CREDITORS WHO CAST A VOTE
    * NEXT KEY MILESTONE WILL BE SHAREHOLDERS MEETING WHICH WILL
BE
HELD ON 20TH JULY 2020 BEHIND CLOSED DOORS
    * IN CASE SHAREHOLDERS ARE AGAINST DRAFT SAFEGUARD PLAN, CO
WILL
HAVE NO CHOICE BUT TO ASK COURT TO INITIATE RECEIVERSHIP
(REDRESSEMENT JUDICIAIRE) OR LIQUIDATION PROCEEDINGS
    * IN CASE SHAREHOLDERS ARE AGAINST DRAFT SAFEGUARD PLAN,
COMPANY'S
ASSETS COULD BE ATTRIBUTED OR SOLD TO NEW MONEY PROVIDERS AND
EXISTING LENDERS ALLOWING CONTINUATION OF GROUP'S ACTIVITIES (AT
SUBSIDIARIES' LEVEL) AND TRADING WITH CLIENTS AND SUPPLIERS
    * IN SUCH SITUATION, SHARES OF COMPANY WOULD LOSE ALL OR
QUASI ALL
OF THEIR VALUE

Source text for Eikon:  ID:nGNX60msBC 
Further company coverage:  TCH.PA 

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