Brief: Technicolor: Reception Of Indicative New Financing Offers

Vantiva SA

26/05/2020 17:28

May 26 (Reuters) - Technicolor SA  TCH.PA :
    * TECHNICOLOR: RECEPTION OF INDICATIVE NEW FINANCING OFFERS
    * NEGOTIATIONS WITH INVESTORS AND CREDITORS TO IMPLEMENT
SUCH NEW
FINANCING
    * SOLICITATION OF THE RELEVANT CREDITORS TO PETITION FOR THE
APPOINTMENT OF A CONCILIATOR
    * NEW FINANCING, WHICH AMOUNT TO C. EUR 400 MILLION, WOULD
ALLOW
COMPANY TO PAY OFF $110 MILLION SHORT-TERM FACILITY GRANTED BY
JP MORGAN IN MARCH 2020 AND DUE ON JULY 31ST 2020 AND FINANCE
LIQUIDITY NEEDS OF GROUP AS FROM JULY 2020
    * GLOBAL MARKET CONDITIONS, AS WELL AS IMPACT OF COVID 19
CRISIS
ON CO'S BUSINESS IN SHORT TERM HAVE LIMITED ABILITY OF COMPANY
TO LAUNCH PREVIOUSLY ANNOUNCED EUR 300 MILLION RIGHTS ISSUE
    * INTENDS TO IMPLEMENT A LONG TERM SUSTAINABLE FINANCIAL
STRUCTURE
FOR COMPANY, INCLUDING BY WAY OF DEBT TO EQUITY SWAP, DEPENDING
OF COURSE ON DISCUSSIONS WITH ITS EXISTING CREDITORS IN THIS
RESPECT
    * SOLICITATION WILL EXPIRE AT 5:00 PM NEW YORK CITY TIME ON
MAY
28TH, 2020, UNLESS EXTENDED BY COMPANY

Source text for Eikon:  ID:nNDL1fCx1 
Further company coverage:  TCH.PA 

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