Technicolor has announced the final transaction linked to its financial restructuring plan has taken place.
As part of the plan, the company received €420 million in new financing, subject to the implementation of a partial conversion of debt into equity, worth €660 million.
Progress with the financial restructuring plan has also resulted in the closure of Technicolor’s Chapter 15 proceedings in the US on 11th September.
In a statement, Technicolor CEO Richard Moat said, “This significant accomplishment has been achieved in a very short period of time thanks to the commitment of all our stakeholders, and I would like to take this occasion to once again thank all the parties who have made this restructuring possible.
“We now have an appropriate capital structure adapted to the needs of our business, and we are entering a new era in our history. We have the right business focus, operational design and, with the gradual recovery of our key markets, in particular production services, Technicolor is poised to return to delivering profitable growth, cash generation and value creation for shareholders.”