Now the obstacle of the creditors is passed

Frédéric Rose, CEO of Thomson, can breathe: the group is saved! Finally, almost... The three committees, bringing together all the creditors of the group, voted in favour of the restructuring plan presented by the management of the company. Yesterday, 98.8 of the representatives of investment funds holding bonds issued by Thomson in recent years voted for the restructuring. "It was an important step that we had to cross." "But we do not consider that we finished our efforts," reacted one yesterday at the headquarters of the group, in Boulogne, in the Hauts-de-Seine.

Now, the obstacle of the creditors is passed. Rest for the group, which is placed on 30 November last under a backup procedure, in one of the shareholders. They are called in extraordinary general meeting on January 27 next to also vote on the plan of restructuring as well as to decide on the change of name, Thomson Technicolor, with immediate effect. This rescue plan must allow to reduce the debt of 45, to bring it to EUR 1.55 billion, and spread the refunds. A capital increase of approximately EUR 348 million, which will result in the emission of 527 million new shares, is planned, as well as two emissions obligations undertaken by senior creditors, one of approximately EUR 641 million and the other a maximum of 300 million, each with interest at the rate of 10.

One thing is sure: the current shareholders of Thomson will be strongly diluted as a result of these various operations. To the maximum, they will retain 51 of the capital of the company and at least 15. Their support is therefore not a priori guaranteed. As if they vote against the project, it is the Court which will implement a plan B. It would be very detrimental to creditors, it would provide a spread of the debt over the next ten years, the payment of interest by only 5 a year, and after ten years, 55 of the debt repayment. Where the massive support of creditors to the plan presented by management.

The action has fallen

For shareholders, the issue is somewhat different. In theory, the plan of the Directorate is more negative than the one that could make the tribunal, also supported by the unions of Thomson. In practice, the tribunal plan does not resolve the problem with the rating agencies and will not allow the group to borrow again. "This plan B risk of harm to the company, without reassure customers and suppliers in its long term viability", find one close to the group, however aware that will really take "convince shareholders."

Before this last uncertainty and despite the announcement of the ratification of the project of restructuring by the holders of bonds yesterday, the action of the group fell yesterday, ironing under the bar of 1 euro. It ended the session down 9.72 0,975 euro. Of course, it had jumped 24 the previous day. But the decline of the past proves that the title remains highly speculative in the eyes of investors, who take advantage of any good news to take profits.

Frédéric Rose however hope that shareholders will be followed in an attempt to save the group. For out of the current February backup procedure and "for anything other than the financial restructuring", as one of his relatives.