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Technicolor suspends trading in its shares

Company says it is "confident" it will reach an agreement with lenders in the next couple of days

Technicolor has asked French stockmarket Euronext Paris suspend trading in its shares as it looks to complete negotiations with lenders.

The company said it requested the suspension “given the risk of leaks of material non public information.”

Technicolor requested the suspension for 18th and 19th June.

It added it is “confident in its capacity to reach a final agreement within the next couple of days and will communicate to the market the outcome of such negotiations.”

Last month Technicolor announced it was seeking €400 million in new financing after putting its planned rights issue on hold because of the coronavirus pandemic.

At the time, the company revealed it had entered into discussions with some of its creditors and third party investors to obtain €400 million.

In March, the company suspended its 2020-22 financial guidance in the wake of the coronavirus pandemic. Earlier that month ratings agency Moody’s downgraded Technicolor’s financial rating to Caa1 stable, stating it reflected prolonged challenges in most of the company’s markets, evidenced by its performance and in particular by strongly negative free cash flow generation.